Hollywood Film Producer Plans to Create Token for Movie Industry

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American financier and film producer Christopher Woodrow is planning to create his own cryptocurrency called MovieCoin. The MovieCoin initial coin offering (ICO) is expected to launch in the first quarter of 2018.

Woodrow said the funds raised in the MovieCoin ICO will go toward financing a portfolio of movies. The plan is to sell $100 million of MovieCoin tokens that will be compliant with Securities and Exchange Commission (SEC) regulations. Investors will benefit as the tokens appreciate based on the success of the films. MovieCoin will be a standard ethereum ERC20 token, which means it can be traded in the secondary market.

Woodrow stated that blockchain is about to disrupt the film industry and he wants to be a part of it.

“We’re trying to revolutionize the way films are financed,” said Woodrow. “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.”

MovieCoin will use Bankex’s proprietary Proof-of-Asset protocol (PoA), a standard that enables new generation of assets and contracts called decentralized capital markets, to allow institutional and individual investors to mitigate risk while participating in the potential above-market returns of an uncorrelated investment in the film industry.

“We can’t ignore that some cryptocurrencies are being issued in a speculative manner, which could create a bubble,” Woodrow said. “The alliance of Bankex with MovieCoin will mitigate that risk by underpinning our cryptocurrency with tangible assets.”

Woodrow was the chairman and CEO at Worldview Entertainment, an independent motion picture studio that finances, produces and acquires theatrical quality feature films for worldwide distribution, which he co-founded in 2007. Worldview has produced films including Oscar-winning film Birdman, Child 44, Blood Ties, The Green Inferno, and Killer Joe. Woodrow has since left his position at the company due to claims that he bilked his own entertainment company for a hundreds of thousands of dollars in personal expenses.

In 2014, Worldview sued Woodrow for allegedly embezzling $700,000, including charging personal trips and renovating his mother’s Ithaca home. The lawsuit was filed by Maria Cestone, co-founder of Worldview’s parent company, Roseland Venture.

During the same year, Woodrow counter-sued the company for $55 million over his dismissal. He claimed that he was wrongfully terminated and defamed and that his personal email account was hacked by Worldview executives. Woodrow was seeking to liquidate the company.