Overstock’s subsidiary in charge of tokenizing securities, tZERO has partnered with entertainment financing firm BLOQ FLIX to come up with a technology service which will help BLOQ FLIX to tokenize its financing options in the entertainment industry. The partnership means that the tokenization will be done using tZERO’s protocol technology.
According to Yahoo Finance, the partnership dubbed ‘ Blockbuster meets blockchain’ the two companies will create a fresh film financing mechanisms for television, studio initiatives as well as the internet. Through the tZERO tokenization platform, BLOQ FLIX is set to make it easy for investors to take part in the financing process.
tZERO CEO Saum Noursalehi expressed his gratitude on the partnership saying that the two companies will be able to provide secure and innovative investment options to finance film projects. Noursalehi added that his company’s aim is to tokenize as well as trade assets which have the potential to benefit from blockchain technology and the tokenization of film financing is a step towards the realization of tZERO’s goals.
Brandon Hogan and Jonathan Helmuth are BLOQ FLIX’s founders who have immense experience in financing entertainment projects and the duo has managed to raise about $100 million worth of production funds and have directly been involved in more than 150 entertainment projects.
Hogan, who is BLOQ FLIX CEO, has worked in the film industry for more than 25 years. The CEO said that the financing modalities in Hollywood need to evolve and his company is taking the front seat in disrupting how the conventional media is financed. The CEO said that through embracing blockchain technology, the two firms will be able to streamline the film funding process as well as provide access to funding to small studios and producers.
Brokerage firm, JumpStart Securities, will act as the placement agent for the offerings provided by the two firms.
Jonathan Self JumpStart CEO stated that the partnership will allow BLOQ FLIX as well as other investors to change the way media content is financed.
According to CoinDesk, tZERO revealed in July that it was in the process of raising about $40 million in funding for Biopic, owned by Atari founder, together with film production as well as financing firm Vision Tree.