Last Saturday in Hollywood, everyone was talking about MovieCoin. The exclusive interview by Bloomberg with legendary producer Christopher Woodrow promises a real revolution for the industry.The Hollywood hitmaker plans to fund future blockbusters with cryptocurrency called MovieCoin, which will be issued using BANKEX PoA Protocol.

BANKEX, a decentralized Bank-as-a-Service (BaaS) enterprise, announced today that the company has reached an agreement with MovieCoin LLC to develop MovieCoin™, which is an innovative blockchain platform for movie finance. Led by Christopher Woodrow who has helped produce or finance movies for the past decade (“Birdman,” “Hacksaw Ridge”), MovieCoin™ will use BANKEX’s blockchain based Proof-of-Asset protocol (PoA) to help film industry raise funds with greater ease and speed.

“We are delighted to be collaborating with a company as innovative as BANKEX in introducing this transformative new film financing structure to our investors and entertainment industry partners. We believe the marriage of BANKEX’S Proof-of-Asset protocol with our experienced management team and comprehensive industry relationships will provide investors with an opportunity to realise significant returns while managing risk through leading edge technologies,” said MovieCoin CEO Christopher Woodrow.

BANKEX and MovieCoin

Currently, it is BANKEX’s plan to release two types of tokens on the company’s platform. The first of which is the ‘BKX Token’ — a fuel token used to execute transactions. The second of which is the ‘Smart Asset Token,’ a utility token produced by the tokenization of assets.

On November 28, BANKEX will issue it’s first token sale, a ten million dollar offering of BKX tokens. MovieCoin, a type of smart asset token, is scheduled to be issued on the BANKEX platform in the first quarter of 2018. MovieCoin token investors will be able to participate in a highly liquid secondary market in which the token value will be backed by the success of a Hollywood feature film portfolio.

Here is a chart to help you get a quick idea about the mentioned two types of tokens:

How can MovieCoin and BANKEX revolutionize the way films are financed?

Up until now, the ability to participate in film finance has been limited to a highly exclusive pool of industry insiders, venture capitalists, financial institutions and high-net-worth individuals. This limits both the scope and the scale of Hollywood film finance. MovieCoin seeks to democratize film finance through the tokenization of film assets. By utilizing blockchain-based smart contracts and BANKEX’s Proof-of-Asset protocol (PoA), MovieCoin allows institutional and individual investors to mitigate risk while participating in motion picture projects with potentially above-market returns. At the same time, by tokenizing MovieCoin’s underlying assets, BANKEX provides efficient access to decentralized capital markets and helps generate more liquidity in the traditionally illiquid film financing market. This liquid secondary market will allow investors the ability realize profits in both the short and long term, a concept that is entirely new to the world of film finance.