Hollywood Producer Planning MovieCoin ICO to Fund Films
Chris Woodrow looking to introduce cryptocurrencies to the film industry.
Famed Hollywood producer Christopher Woodrow, who has blockbusters such as “Birdman” and “Black Mass” to his credit, has announced his intent to bring cryptocurrencies into the film-making business.
The former Worldview Entertainment head is planning to introduce his own digital token called MovieCoin. The coin is slated to launch in the first quarter of 2018, with a target of selling $100 million of tokens, and all funds raised via the initial coin offering (ICO) will be used to fund a portfolio of movies. Drawn by the disruptive nature of DLT, Woodrow is driven by blockchain tech’s potential to democratize the process of financing films.
Speaking to Bloomberg via telephone, Woodrow said:
“We’re trying to revolutionize the way films are financed. Hollywood is relationship driven and what we bring to the equation is the ability to gain access to the highest levels of film finance. We’re in the process of putting together a slate of projects that will include A-list movie stars, top-tier directors, seasoned and established producers, and that will form the initial slate for MovieCoin.”
ICOs have received a fair amount of negative attention, with the US Securities and Exchange Commission (SEC) having released numerous warnings for investors, while countries such as China and South Korea have issued a complete ban on the crowd funding activity which has seen its fair share of scams, frauds, and hacks.
Woodrow, however, is determined to keep everything above board and transparent. The MovieCoin will be in complete compliance with all SEC rules and regulations, and investors will be able to trade the tokens on the secondary market. In addition, the token will offer real value to investors – it will appreciate on the basis of the success of the movies, and will be issued atop Bankex, which is a platform for asset-based coins. These measures are expected to protect MovieCoin from the sudden price spikes and crashes that have become the norm in the cryptomarket.
“We can’t ignore that some cryptocurrencies are being issued in a speculative manner, which could create a bubble. The alliance of Bankex with MovieCoin will mitigate that risk by underpinning our cryptocurrency with tangible assets.”
Woodrow’s venture comes in the wake of another showbiz-related foray into cryptocurrency, namely Bjork’s announcement about accepting crypto-payments for her next album, Utopia.