Ryan Kavanaugh's Media Firm Secures $100 Million Investment for Crypto Project

United States-based film producer Ryan Kavanaugh's Proxima Media has unveiled a $100 million investment for a cryptocurrency-based film funding tool, entertainment industry news outlet TheWrap reported on May 23.

Per the report, Proxima Media - which Kavanaugh founded and owns - announced plans for a new crypto-enabled financing tool for film, TV, music and other intellectual property-driven content dubbed Proxicoin.

Proxima reportedly received the investment from garment production company Central Wealth Group and venture capital fund Step Ventures.

Proxicoin reportedly plans to issue Ethereum-based security tokens that allow holders to invest in movies and TV shows.

"Proxicoin makes a highly sought-after financial product available to many individual and smaller investors."

Tse also noted that films are an asset class traditionally uncorrelated to capital markets and are sought-after among large hedge funds and banks.

TheWrap claims that Proxicoin holders will also be partial owners of a new exchange for financing entertainment projects called Entertainment Stock X. According to TheWrap, deals for listing over 30 movies are already in place.

Kavanaugh is also an executive at Warner Brothers, and has produced several films, including "The Social Network," western "3:10 to Yuma," and "Mamma Mia!".

As Cointelegraph reported in October last year, U.S. actor and producer Johnny Depp is partnered with crypto-powered social entertainment platform TaTaTu.

In November 2018, Dutch rights management company Fintage House has signed a deal with blockchain-based social entertainment platform TaTaTu to start accepting cryptocurrency for rights transactions.