BANKEX announces collaboration with MovieCoin
BANKEX, the decentralised Bank-as-a-Service (BaaS) enterprise, announced that it reached an agreement with MovieCoin LLC to develop MovieCoin, a blockchain platform for film finance.
Spearheaded by entertainment industry finance veteran Christopher Woodrow (Birdman, Hacksaw Ridge), MovieCoin will use BANKEX’s proprietary blockchain smart-protocols to develop highly liquid funding solutions for financing major motion pictures.
By utilising smart contracts and BANKEX's proprietary Proof-of-Asset protocol (PoA), MovieCoin allows institutional and individual investors to mitigate risk while participating in the potential above-market returns of an uncorrelated investment in the motion picture industry. At the same time, by tokenising MovieCoin’s underlying assets, BANKEX provides efficient access to decentralised capital markets and helps create liquidity in the traditionally illiquid film financing market.
“The specialty finance industry offers customised debt and equity funding solutions that are well suited for blockchain integration using our Proof-of-Asset protocol. Christopher is an expert in financing highly successful films and our collaboration will optimise liquidity for investors, allowing faster, cheaper and more flexible financing solutions,” said Igor Khmel, BANKEX Founder and CEO.
BANKEX CEO, Igor Khmel, is a fintech entrepreneur with experience in product development, operations and digital strategy implementation. With an MBA from Stanford School of Business, Khmel’s professional track record includes professional tenures at prestigious organisations McKinsey, Deloitte and Citadel. Khmel also founded Sberbank Lab, a fintech laboratory and innovation practice, at the largest bank in Eastern Europe.
“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.
MovieCoin’s principals have an expansive network of longstanding industry relationships and a record of success in financing high profile projects that achieve both critical and commercial success. MovieCoin’s focus is on moderately budgeted, highly commercial, star-driven or prestige projects that will be released by major motion picture studios in North America.
The collaboration with MovieCoin will complement BANKEX’s prominent range of partners, including Balanc3, a global crowdsourced delivery service that operates in nine countries; Symphony Foundation, a foundation consisting of leading US banks; the Moscow Exchange, the largest exchange group in Russia, as well as Microsoft and Dostavista.
“Partnerships with like-minded companies that we have managed to attract are testament to our success and a vital component of the future of BANKEX. Our month long TGE, taking place at the end of November, should bookend a very successful year for all of us here at BANKEX,” concluded Khmel.
Having raised $10 million during its presale and private sale period, BANKEX’s TGE will take place between 28 November 2017 and 28 December 2017. Capped at $40 million, BANKEX will sell BTX tokens at a rate of 1 ETH = 500 BTX.