Proxima Media Raises $100 Million
In an example of a stellar implementation of security tokens, Promixa Media has successfully raised $100 million for their ‘Proxicoin’.
The investment was a joint affair, with two companies contributing. This includes the following two VC outfits:
- Central Wealth Investment Fund of Hong Kong
- Step Ventures
Along with this raise, comes the promise of liquidity, as Promixa Media has already signed with Fusang Exchange to have Proxicoin listed.
The security token to be distributed is known as Proxicoin. This ERC-20 based asset 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. Both parties benefit from the inherent qualities of blockchain, including transparency and efficiency.
Futhermore, holders of Proxicoin are entitle to a proportionate share of holdings within the yet-to-be-launched ‘Entertainment Stock X’. This is a planned platform, which will provide solutions for players in the film/TV industry to raise capital through token generation events.
In announcing the $100 million investment, representatives from each, Promixa Media, Step Ventures, and Central Wealth, took the time to comment on the deal. The following is what each had to say on the matter.
Vincent Tse, CEO of Step Ventures, stated,
“This is a game-changing moment for the entertainment industry. Proxicoin makes a highly sought-after financial product available to many individual and smaller investors. Film, as an asset class, is traditionally uncorrelated to capital markets and has been a competitive and sought-after asset class among the large hedge funds and banks including Citibank, Duetsche Bank, JP Morgan, Goldman Sachs and many others. During the Great Depression one of the only stocks that went up was MGM.”
David Lee of Central Wealth Group, stated,
“We are impressed by the Proxicoin team and their dedication to creating cooperation and synergies between the Chinaand Hollywood film industries…We are looking forward to reaping success from our investment in Proxicoin and their respected leadership on the roadmap to developing great productions using the latest technology. This is perfect for our LP investors to help create a broad and highly defensive portfolio looking to create better than market returns.”
Ryan Kavanaugh, CEO of Proxima Media, stated,
“Proxicoin and this transaction eliminate many of the hurdles that have held back growth between the two countries due to heavy restrictions in currency conversion. Proxicoin removes those friction points while creating total transparency. We have put together a stellar team to implement what we believe will be a serious paradigm shift in the financing and marketing of films. We have top bankers with a deep understanding of the capital markets, content creators, operators and brand experts. Having Central Wealth Investment Fund and Step VC as partners is a great validation for us that we are on the right track. There couldn’t be better lead investors and partners”
Proxima Media is a United States based company, which functions primarily as a content producer. This content is spread over a variety of mediums. The team behind Proxima is directly responsible for over 200 films, ranging from ‘The Fighter’ to ‘Fast and the Furious’.
Company operations are currently overseen by CEO, Ryan Kavanaugh.
In Other News
Beyond the financial successes of Proxicoin, thus far, its issuers have managed to already secure an upcoming listing on an exchange. This listing will take place on the Fusang Exchange – A company we have previously detailed. Check out the following article to learn more about how Fusang found themselves in a position to begin listing digital securities.