Ryan Kavanaugh’s Media Firm Secures $100 Million Investment for Crypto Project
Adrian Zmudzinski's original article for cointelegraph.com reduced by 57%
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. 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.
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Summarised crypto news.