tZERO, the security token subsidiary of Overstock partnered with media startup BLOQ FLIX to tokenize film financing. The announcement came on Thursday, as tZERO is busy with a restructuring of the organization after the resignation of Overstock CEO David Byrne and being hit by a quarterly loss of $10 million.
The news of this partnership was released with a headline “Blockbuster meets blockchain” to the press. Both the companies plan to set up a new way to finance films for television, internet, and studio projects. They want to transform the media financing sector by developing a modern way to invest in using digital tokens. They believe that this is going to make financing of different types of media secure and easy too. By using tZERO’s tokenization protocol, BLOQ FLIX will only allow qualified investors to take part in the funding process. JumpStart Securities will be the placement agent to serve these offerings.
tZERO’s CEO Saum Noursalehi released a statement that “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.” On the other hand BLOQ FLIX CEO Brandon Hogan said that “blockchain will streamline the funding process by providing capital directly to studios and producers.”
BLOQ FLIX is a media finance and advisory firm, founded by Brandon Hogan and Jonathan Helmuth. They provide investment solutions to studio and independent producers for the production of films, television programs, and digital content. Till date, the company’s management has financed or co-financed 30 entertainment projects. In individual capacity, Hogan and Helmuth have raised over $100 million as production funds in different capacities for over 150 entertainment ventures.
tZERO is a technology firm specializing in blockchain technology. They aim to revolutionize the financial market so that they do not have to depend on the traditional institutional market structures. The company is trying to streamline and enhance the integrity of this sector through the power of blockchain technology. Earlier this July, tZERO collaborated with film production and financing company Vision Tree, to raise up to $40 million by way of tokenization to fund the biopic of Atari founder Nolan Bushnell.
