Wesley Snipes Teams With Blockchain Startup LCX To Tokenize $25M USD Movie Fundbr>
American actor Wesley Snipes is partnering with Liechtenstein Cryptoassets Exchange (LCX) to tokenize a $25 million movie fund.
Founded in 2018, LCX is a blockchain ecosystem for professional investors. The firm is headquartered in Liechtenstein, a country known for its groundbreaking blockchain laws and being a financial hub. The company’s initial product is LCX Terminal, an advanced crypto trading desk to trade on all major crypto exchanges within a single interface.
In a press release, LCX said that it is working with Snipes to launch a fully compliant security token offering (STO) via LCX’s platform and blockchain infrastructure. The Daywalker Movie Fund (DMF), which will invest in upcoming motion picture and television shows produced by the famous actor and his production company Maandi House, will be tokenized and represented by the DMF Security Token.
“This will be the first time enabling movie enthusiasts to invest alongside Hollywood icons and producers,” LCX said. “The security token offering will lower the barrier of entry significantly allowing a broader audience of institutional and retail investors to tap into this opportunity.”
The tokenized Daywalker Movie Fund will enable investors to gain a share of the profit of the productions and receive additional benefits, including the opportunity to be invited to the movie premiere events. Profits are reinvested to increase the long-term value of the DMF token.
“It’s an exciting time now that all of my fans old and new, can indirectly become co-producers of our upcoming movies,” said Snipes. “The tokenized Daywalker Movie Fund enables the audience to turn into investors and participate in the success.”
The fund will reportedly be managed by an investment committee consisting of professional fund managers and Snipes.
“The introduction of blockchain technology can be compared to the introduction of email,” said LCX CEO Monty C. M. Metzger. “Tokenization empowers a new class of digital assets and is re-defining the financial industry. Since months the team at LCX has been preparing the partnership including evaluation of regulatory and legal aspects – and we are excited to share this finally in public.”