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Wesley Snipes, the actor who rose to worldwide prominence for his exceptional work on the Blade franchise, seems to be gearing up to make a comeback into the movie industry. And, he’s doing so with the help of some crypto. Earlier today, news medium Cointelegraph auf Deutsch reported that the actor has partnered with Lichtenstein Cryptoassets Exchange (LCX), a professional stock trading platform, to tokenize a movie fund worth about $25 million.
This development is great news for any die-hard fan of Mr. Snipes. He has had professional and personal issues for the better part of 15 years, and he has fallen from grace to grass in that time. As a matter of fact, his last hit movie was Blade: Trinity.
However, he seems to be gearing up for another go, even though he won’t be doing any acting (or stabbing vampires, for that matter). According to the report, both Wesley Snipes and the LCX will be working on launching a fully compliant Security Token Offering (STO), which will be live on the latter’s Lichtenstein-based blockchain infrastructure and platform. The fund, which has been named the “Daywalker Movie Fund (DMF),” will make investments in future TV shows and movies, all of which will be produced by Snipes and Maandi House, his production studio.
The report notes that the DMF will be managed by Snipes and an investment committee consisting of several professional fund managers. As for the involvement of the LCX, they will provide hosting services for the STO, as well as handling compliance and registration for all potential investors.
As for reasons why the companies are taking this approach, the report highlights that the launch of an STO will reduce the barriers to entry and make it easier for both retail and institutional investors to get a piece of this. Essentially, everyone interested in making movies- from established names in the movie industry to even the fans themselves- will be able to pitch in and be part of the industry.
Investors in the DMF Token will get a share in the profits of all productions entered into by the fund, as well as some additional benefits (including, but not limited to, invitations to movie screenings and premieres). Profits will also be reinvested into the fund, to ensure that it continues to function for as long as possible.
The LCX site already has a pre-registration portal open, and all registered users have been promised priority when the STO gets launched. The development sounds like a great initiative, as it merges crypto assets with the movie industry, provides great funding for future movie projects, and opens up a new means for people who buy cryptocurrency to make investments.
It also marks an excellent diversification for LCX. The Lichtenstein exchange has been doing much work since it got its “business license” from the Liechtenstein Ministry of Economic Affairs last year.
The exchange claims to comply with “all regulatory requirements” for KYC and AML standards, and it now provides institutional investors with services including trading, storage, and the Binance LCX, a global fiat-to-crypto exchange, which it launched in August 2018 with popular cryptocurrency exchange Binance.