Hollywood actor Wesley Snipes is to tokenize a $25 million fund for investment in movie and television projects, Cointelegraph auf Deutsch reported on Monday.
In partnership with the Liechtenstein Cryptoassets Exchange (LCX), Snipes aims to launch a fully-compliant security token offering (STO) using LCX's blockchain-based platform.
Snipes, famous for his role in the Blade trilogy, is tokenizing the "Daywalker Movie Fund" (DMF) - named after the Blade character - to make it easier for institutional and retail investors to become co-producers of projects made by Snipes' Hollywood based studio Maandi House.
The STO will launch the DMF token and will give investors an official share in the profits of the fund's productions. LCX's platform will host the STO and provide registration and identity verification for prospective investors.
Snipes is not the first to offer a cryptocurrency to securitize film-making. In July, blockchain services provider tZero reported it was partnering production and financing company Vision Tree to tokenize the forthcoming movie "Atari: Fistful of Quarters".
In October 2018, actor Johnny Depp partnered with cryptocurrency-focused social entertainment platform TaTaTu to develop and produce film and digital content together.
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