Wesley Snipes Plans To Launch ‘Fully Regulated’ Security Token To Raise $25M For Film Fund
Actor and black belt martial artist Wesley Snipes has partnered with a Liechtenstein-based crypto exchange to tokenize a $25 million movie fund with plans to invest in upcoming films and TV shows produced by Snipes.
The $25 Million Daywalker Movie Fund (DMF) will be tokenized as the DMF security token.
Snipes’ Hollywood production company, Maandi House Studios, has created hit films including the “Blade” trilogy, “The Big Hit”, “Down in the Delta” and “The Art of War.” His most famous roles include “Blade,” “White Men Can’t Jump” and “New Jack City”. He recently announced that he’s teaming up with Eddie Murphy in the sequel to the ’90 classic, “Coming To America”.
Together with the Liechtenstein Cryptoassets Exchange (LCX), Snipes plans to launch a fully regulated tokenized security. LCX is a blockchain ecosystem for professional investors. The token will be based on the LCX blockchain infrastructure.
“It’s an exciting time now that all of my fans, old and new, can indirectly become co-producers of our upcoming movies,” Snipes said in a prepared statement. “The tokenized Daywalker Movie Fund enables the audience to turn into investors and participate in the success.”
The fund will be managed by Snipes and an investment committee of professional fund managers. It will allocate production budgets to future film productions alongside other Hollywood producers.
If you Google, “security tokens,” the results will likely fall into two camps: those who speculate on the potential profits to be made investing in security tokens, and those who claim that security tokens represent a short-lived and potentially dangerous bubble, according to The Tokenist.
Blockgeeks explains security token as a digital form of traditional securities such as ownership in a publicly-traded corporation, a creditor relationship with a government or corporation, or rights to ownership as represented by an option.
Most people are more familiar with utility tokens than security tokens. A utility token is a coin backed up by a project. Security tokens differ in that they are much more heavily regulated by the government than utility tokens.
For those coming from more traditional forms of finance and investing, security tokens offer the speed and ease of blockchain without sacrificing strong legal protection. For those with a background in blockchain investing, security tokens bring enhanced protection against fraud and misselling.The Tokenist
The Snipes-LCX security token offering will lower the barrier of entry to investing in Hollywood and allow a broad audience of institutional and retail investors to benefit from the profits of Snipes’ success, according to a press release.
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LCX has headquarters in Liechtenstein, a country known as a financial hub with groundbreaking blockchain laws. LCX’s blockchain technology platform will handle the registration and identification of investors and serve as the central hub for the security token offering.
LCX CEO Monty C. M. Metzger said compared the introduction of blockchain technology to the introduction of email. “Tokenization empowers a new class of digital assets and is redefining the financial industry,” Metzger said in a prepared statement. “LCX has been preparing the partnership including evaluation of regulatory and legal aspects and we are excited to share this finally in public.”
Pre-registration is available at LCX.com. Registered users will be prioritized when the security token offering becomes official.