MovieCoin Begins Public Pre-Sale
Last November, Christopher Woodrow, the producer of two Oscar-winning films, claimed that blockchain technology will disrupt Hollywood as it has other industries. He is one of the first people to become part of this disruption, launching a distributive-technology-based token named MovieCoin.
MovieCoin has begun its public presale for Utility Tokens (MOV). The firm expects to raise about $50 million via the public sale, which follows a private presale of 2,000 Bitcoin (BTC).
During the public presale, the company will accept BTC, BKX and Ethereum (ETH) tokens with a minimum commitment set at 5 Bitcoins or equivalent and a hard cap of 10,000 BTC. MovieCoin is planning a separate offering of MovieCoin Smart Fund (MSF) Security Tokens to accredited investors pursuant to Regulation D of the United States Securities Act and Canadian National Instrument 45-106 – Prospectus Exemptions).
The company plans to raise about $65 million by selling six hundred million MovieCoin Utility Tokens at $0.11 per token and $250 million by selling 250 million MovieCoin Security Tokens at $1 per token. The company is offering an incentive to initial investors in MOV Tokens: a bonus up to 25% of the quantity purchased. The public presale will run until October 30 at midnight Pacific time.
The BKX tokens are issued by BANKEX, a global top-20 financial tech company working on Proof-of-Asset Protocol for MovieCoin. Since BKX tokens are a variation of the ERC-20 utility token linked with the Ethereum blockchain, they will provide an extra 5% bonus rate.
MovieCoin is a next-gen fintech firm focusing on leveraging proprietary applications, digital assets and blockchain technology to disrupt the film and entertainment industry, as well as become the leading entertainment transaction and settlement platform for consumers and businesses. It wants to become the standard currency for funding motion pictures, television and other media.
Woodrow plans to use the funds raised for the MSF Tokens for making movies. Tokens issued by MovieCoin can be traded in the secondary market, offering opportunities for investors to profit with film successes. After the public presale of MOV Tokens concludes, the company will conduct a public token sale from November 1 through 25 that requires no minimum contribution.
In an interview with Bloomberg, Woodrow said, “We’re trying to revolutionize the way films are financed. 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 says that its token-based financing system will provide a transparent ledger of everything that goes into financing each film project. Since tokens are infinitely divisible, they will be highly liquid as compared to other investments. There are also plans to sell tokens allowing consumers to get movie tickets, along with buying or renting films and TV series in various ways. All of these options will allow film enthusiasts more control over how they consume their entertainment.
Update: MovieCoin has updated its press release regarding the token presale.
- MovieCoin tokens are being sold out of the Cayman Islands
- MovieCoin’s presale is for its MOV Utility Token only
- The MOV Utility Token is not for sale to people in the U.S. or Canada
- MovieCoin Smart Fund (MSF) Security Tokens are not part of this presale, they will be offered separately to accredited investors only (pursuant to Regulation D of the United States Securities Act and Canadian National Instrument 45-106 – Prospectus Exemptions)