tZERO Partners With Media Startup to Tokenize Film Financing
Overstock’s security token subsidiary tZERO has announced a partnership with media startup BLOQ FLIX to tokenize film financing.
The company announced the plans on Thursday, amid a period of reorganization following tZERO’s quarterly loss of $10 million and Overstock CEO David Byrne’s abrupt departure.
Through the partnership, referred to as “Blockbuster meets blockchain” in the press release, the firms will establish a new film financing route for television, internet, and studio projects. Using tZERO’s tokenization protocol, BLOQ FLIX will enable qualified investors to participate in the funding process.
“We are thrilled to partner with the BLOQ FLIX team to bring a secure and innovative investment alternative to film financing. Our continued goal is to tokenize and trade assets that can benefit from blockchain technology, and digitizing film financing fits this model nicely,” said tZERO CEO Saum Noursalehi, in a statement.
According to BLOQ FLIX CEO Brandon Hogan, blockchain will streamline the funding process by providing capital directly to studios and producers.
The brokerage JumpStart Securities will serve as placement agent for these offerings.
Hogan and BLOQ FlIX co-founder Jonathan Helmuth have collectively raised over $100 million in production funds throughout their careers, according to the press release.
In July, tZERO announced it will tokenize and raise up to $40 million in funding for Atari founder Nolan Bushnell’s biopic, with film production and financing company Vision Tree.
tZERO photo via Flickr
If reproduced, please indicate the source: http://www.uucj.net/tzero-partners-with-media-startup-to-tokenize-film-financing/
Tax law surrounding crypto assets is currently convoluted and confusing, even despite Congress demanding the IRS clarify the law, and the IRS taking steps to provide more clarity to crypto investors in the United States. However, given some recent comments from an IRS official regarding like-kind exchanges, crypto investors based in the US may want to consider going back and amending their tax returns to ensure they comply with the law. IRS Clarifies Law Surrounding Like-Kind Exchange Ever since Facebook unveiled its Libra cryptocurrency, the United States government and its many branches of government office have taken notice of the young, wild-west-like crypto industry, and the assets traded within it. Related Reading | Confusing U.S. Tax Laws Lead to $5 Billion In Unrealized Crypto Losses Concerns over the disruption of the current monetary system, its use for illicit crimes like money laundering or terrorist funding, and more, have caused the US government to crack down on the crypto market. It’s also caused the IRS to suddenly take more interest in crypto assets, and have updated tax forms to include if…Nov 15, 2019
For the first time, investors can trade gold-backed futures contracts on a leading crypto derivatives exchange. In addition to its spot market trading, PAX Gold is now available as perpetual and quarterly futures contracts on FTX. ,Jan 15, 2020
Ever since FCoin fell insolvent this month, blockchain researchers have been poring over data to figure out what caused the failure and where all the China-based exchange’s cryptocurrency went. A recent report from Silicon Valley-based Anchain AI wonders whether funds were pilfered by insiders, challenging FCoin’s official line claiming a data error was to blame. The study is provocatively titled, “FCoin Exchange Shutdown: Technical Difficulties or Planned Scam?” On Feb. 17, FCoin revealed a shortfall of up to $130 million worth of bitcoin (BTC). The exchange’s verified “cold” wallet, the cryptocurrency version of a bank vault used to hold customer bitcoin, was emptied. According to Anchain AI, from 2019 until February 2020, the cold wallet’s funds were likely moved to four other exchanges — Gate.io, Binance, OKEx and Huobi — and then beyond. Anchain AI is more upfront about its suspicions than another analysis firm, China-based Peckshield, which reported that Fcoin’s problems started in 2018. According to Peckshield, Fcoin was not properly accounting for transactions on its platform, enabling users to “leak” out valuable cryptocurrencies to other exchanges. According to…Feb 26, 2020
Poloniex exchange has dropped support for Digibyte after its founder posted disparaging remarks on Tron founder, Justin Sun, Binance CEO, Changpeng Zhao and questioned the integrity of the exchange itself. Digibyte founder, Jared Tate, left quite a few crypto enthusiasts lost for words when he posted a series of tweets that severely poured scorn on the way Sun’s recently acquired exchange functions and made a mockery of Tron Foundation – a decentralized blockchain platform that intends to incentivize the distribution of free and easily accessible digital entertainment content. Poloniex exchange and Tron are anything but decentralized, Tate The extensively long thread of criticism started with Tate accusing the Tron Foundation of preserving their US customers’ sensitive information and bombarding them with TRON trolls/bots. According to Tate, Tron is running a con business that deceives its customers by calling themselves a decentralized platform, whereas in fact, as Tate claims, it is far from being decentralized. He claims that the project is so centralized and controlled by Sun that its former CTO Lucien Chen felt the need to distance himself from an…Dec 5, 2019
According to a statement earlier today, Jan. 28, Roger Ver’s Bitcoin.com is backing down from the 12.5% mining tax on Bitcoin Cash they proposed along with other major BCH mining pools owing to the community’s overwhelming negative response to the proposal. Bitcoin.com’s position Last week, Bitcoin Cash (BCH) personalities proposed a 12.5% tax on mining rewards that would ostensibly go to funding network development. Now Bitcoin.com has rejected the proposed mining tax unless serious alterations are made: “As it stands now, Bitcoin.com will not go through with supporting any plan unless there is more agreement in the ecosystem such that the risk of a chain split is negligible. We think it is clear that the existing proposal does not have enough support.” In the post, Bitcoin.com urged transparency, flexibility and unity. Bitcoin.com suggests that a lack of ecosystem agreement risks a split in the chain, though they seem to be looking for ways to fund further development: “We will be working to come up with a plan that is profitable for all the relevant parties and which preserves the fundamental…Jan 29, 2020
Bitcoin (BTC) has reached a record-high price for the year, and as the run-up to $10,000 occurred, Weiss Crypto Rating updated the asset to an A-. Recent news has also hinted at the possibility of the crypto market making a new bull run, which some analysts believe could lead Bitcoin’s price to reach a new all-time high, as reported by Cointelegraph. Meanwhile, altcoins have continued their multi-week surge, even outperforming Bitcoin’s cumulative returns since the start of the year and reconfirming the upward trend predicted by analysts. Cryptocurrency market monthly overview. Source: Coin360 Previous analysis has shown that particular days of the week offer investors the chance to make abnormal returns based on these daily anomalies. Throughout 2019, for example, data showed that Friday was the best day to buy Bitcoin for the highest daily return compared to other days. Thus, this upcoming Friday could present another opportunity for investors to purchase, as Valentine’s Day happens to also fall on the best day of the week for Bitcoin returns since 2019. Before reaching this conclusion, however, it would be good…Feb 14, 2020
Australia’s Monash University in Melbourne has announced the launch of a blockchain research lab along with peer universities in the Asia-Pacific region. Joseph Liu has been appointed director of the Monash Blockchain Technology Centre (MBTC) and will coordinate efforts to improve blockchain adoption and awareness in the country, as reported by ZDNet, November 25, 2019. Exploring International Blockchain Usage With each passing day, there is more news of various industries looking to implement a blockchain to reduce the need for trust in their systems. Joseph Liu, director of the Monash Blockchain Technology Centre (MBTC) seems to completely understand that blockchains after multidisciplinary systems. Monash University has had its own internal blockchain research lab for the last two years, but research efforts were only carried out by the university’s IT faculty. The establishment of a global blockchain center in the form of MBTC will enable other departments, whose disciplines could find utility in blockchain, to take part in the research and development process. Liu believes tracking down the origin of food ingredients (supply chain) can be changed by blockchain; given Australia…Nov 27, 2019
Brad Garlinghouse, the CEO of Ripple, considers that at least 10 banks are could use cryptocurrencies in 2020. In a recent post released by Ripple Insights, he said that fiat currencies are also going to be digital. Could Banks Start Using Cryptocurrencies? Although the regulatory environment is still far from being developed in the cryptocurrency market, many banks could start holding and trading cryptocurrencies in the future. According to the CEO of Ripple, Brad Garlinghouse, half of the top 20 biggest banks in the world will actively hold and trade digital assets next year. Meanwhile, the SVP of Xpring, Ethan Beard, shared his views on Central Bank Digital Currencies (CBDCs). He explained that at least one central bank will launch a tokenized representation of their fiat currency in 2020. Beard specifically mentioned that at least one non-G20 currency like the Argentine Peso (ARS) or similar will become fully digitized. It is worth mentioning that the ARS is a G-20 currency and it has many particularities that make it unique. At the same time, Breanne Madigan, the Head of Global Institutional…Dec 20, 2019
Another case of illegal cryptocurrency mining surfaces in Russia as police nab two unnamed Russian nationals for allegedly infecting state-controlled computers and using them for mining crypto. Russia has seen a fair share of cases involving unwarranted cryptocurrency mining. In October, a Russian nuclear scientist misused his workplace resources to mine crypto and costing the institute damages worth over fifteen thousand US dollars ($15,605). Moreover, last year, the Russian police uncovered a massive illegal cryptocurrency mining farm which had set up over six thousand pieces of mining equipment in an unused rubber factory. Russia is not new to illicit crypto businesses, and biggest crypto scams and some claim that it is partly due to its unclear stance over crypto. In June, the Head of State Duma Committee on the Financial Market, Anatoly Aksakov, pointed out that while the country is tolerant towards people owning Bitcoin from regulated foreign exchanges, it is yet to come to terms with cryptocurrency mining activities. That, he confirmed, is still considered illegal as per Russian legislation. Illegal cryptocurrency mining – The new normal in Russia…Dec 19, 2019
After naming Kristina Littman as Chief of the Division of Enforcement’s Cyber Unit in December, the United States Securities and Exchange Commission has introduced more fresh blood to its ranks. On Feb. 13, Nancy Sumption was announced as the successor to Kevin Zerrusen, the former Senior Advisor for Cybersecurity Policy to Chairman Jay Clayton. Nancy Sumption has worked in cybersecurity and privacy in healthcare and finance in addition to her two decades of public service as an officer and staff judge advocate in the U.S. Air Force, the U.S. intelligence community, and the Department of Justice. In an SEC press release, Ms. Sumption stated: “I look forward to working with [Chairman Clayton], the SEC staff, fellow regulators, and industry to deepen our partnerships to enhance operational resiliency and manage cyber risks.” What Nancy Sumption’s Appointment Means for SEC Policy Ms. Sumption is not the only recent addition working in the U.S. government to better improve their understanding of crypto security. Andrew Ridenour was named as a senior counsel to the chairman Heath Tarbert, at the Commodity Futures Trading Commission (CFTC)…Feb 14, 2020