Crypto currency craze has reached Hollywood, and now you might see next Hollywood hit produced with Crypto currencies, sound’s surprising? Well not surprising anymore, according to the latest news
Christopher Woodrow, who has helped produce or finance movies for the past decade, says the distributed-ledger technology known as blockchain is about to disrupt the film industry and he wants to be a part of it.The producer the Oscar-winning film “Birdman,” as well as “Black Mass” and “Hacksaw Ridge,” plans to launch his own blockchain-based token called MovieCoin in the first quarter of 2018. Funds raised in the sale, or initial coin offering, will go toward financing a portfolio of movies. Investors will benefit as the tokens, which can be traded in the secondary market, would appreciate based on the success of the films, Woodrow said.
“We’re trying to revolutionize the way films are financed,” Woodrow said in a telephone interview. “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.”
The target is to sell $100 million of tokens that will be compliant with Securities and Exchange Commission regulations. Woodrow declined to name the movies being considered for the portfolio. Just like ICOs have given retail investors access to cutting-edge technology projects that used to be reserved to venture capitalists, Woodrow says tokens can also democratize film financing.
ICO market raised $3 billion in 2017
ICO market in 2017 is booming and according to the data, ICO’s in 2017 alone has raised more than $3 billion in investments, which is a very good sign for overall Crypto market and that is leading the way of its entrance into Hollywood, they are now looking forward to produce movies through crypto currencies and wants to maximize their profits.
Is Toronto Next to Accept Bitcoin for Property Taxes?
Toronto is the biggest city of Canada with a population of more than 6 million. It’s also one of the leading global financial centers which makes it an attractive place for investors.
Bitcoin has emerged as the leading cryptocurrency in the world and attracted a lot of attention from financial investors. There are many crypto exchanges and investors in Toronto, which makes it an important destination for crypto startups and investors.
Recently, there has been a surge in usage of Bitcoin in the Real Estate world as lot of companies around the world are now accepting Bitcoin for buying and selling of properties. In April 2019, Innisfil, A town located in Ontario, at a distance of about 1 hour drive from Toronto, announced that they will accept Bitcoin for property taxes at the municipal level. In July this year, Richmond Hill announced that they are ready to accept Bitcoin as a payment method for property taxes.
Evan Kuhn, Co-Founder of a Toronto based crypto exchange Coinberry believes that integration of Bitcoin as a payment method for property taxes in Toronto can reduce cost, not only for tax payers, but for municipalities as well. Kuhn mentioned
“It doesn’t cost homeowners to use the service, and it costs the municipalities far less in processing fees”
“A credit card company charges a 3% fee,” he said. “Our fee is .5%, so that’s a lot more beneficial for the municipalities.”
He further explained the entire process to make it simple for the users and for the authorities. “When a resident makes a payment through our exchange, the company immediately converts the Bitcoin into Canadian Dollars and pays the relevant authority, so in basic concept this entire process works like a credit card system but with lower fee for both parties”
Morning Crypto Roundup
- Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
- Bitcoin stays above $10,000
- Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
- After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
- According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share