Proxima Media, a United States content producing company founded by film producer Ryan Kavanaugh, has raised $100 million for its token Proxicoin. The new ERC-20 token got the support from VC firms Step Ventures and the Central Wealth Investment Fund of Hong Kong.
Proxicoin provides its holders with fractionalized ownership of media produced by Proxima. This includes mediums such as TV, film, music, and more.
This model provides content producers easier access to capital, while investors can contribute and support the content in which they are most interested.
It is expected the token to be listed and traded on Asian cryptocurrency exchange Fusang through a deal that’s already been inked, Proxima said.
Proxima is also planning to create a stock exchange-like trading platform called Entertainment Stock X (ESX) in a bid to help individual film and television projects raise funds via initial public offerings.