It seems everyone wants to get in on the cryptocurrency action, from investment banks like JP Morgan Chase & Co (NYSE:JPM) to PayPal Inc (NASDAQ:PYPL). In the past few years, the industry has proven that it is here to stay.
Naturally, the entertainment industry has taken notice as blockchain companies begin to bridge the gap between the two worlds. HollyGold is one such company, soon to be launching its Initial Exchange Offering (Apollo) on the DigiFinex Apollo for its project with backing from several firms, including a Hollywood production studio.
DigiFinex Receives Backing From Hollywood Heavyweights
DigiFinex'S IEO started on November 9, with the sale conducted via ballots to the HGOLD token, the native token of the HollyGold project. As per the official announcement, the token came into conception as a result of a partnership between successful Taiwanese cryptocurrency experts including BitSense CEO, Dior Wu, and Hollywood producers. The board of Hollygold features individuals with a combined experience in over 1,600 films. These include experienced industry players like Mark Damon, Chris Bremble, Gerald R Molen, Grant Cramer, and Kevin Robl.
The IEO was conducted in 5 rounds with the last one, culminating the sale, sold out in just 20 minutes. The IEO attracted 5,6k participants, and in total raised $4.9m.
One of the notable participants in the project is BaseFX. The company is an Emmy Award-winning visual effects company with production studios and offices in many parts of the world (Beijing, Wuxi, Xiamen, Kuala Lumpur, and Los Angeles). They have credits on over 200 films and have signed deals with Industrial Light & Magic and Walt Disney Co's (NYSE:DIS) Lucasfilm.
In terms of production support, the company has been involved in a plethora of Hollywood blockbusters such as Aquaman, Bumblebee, Jurassic World, Transformers, Star Trek, Warcraft, Terminator, G.I. Joe, Mission Impossible, and Pacific Rim.
About DigiFinex and Hollygold
DigiFinex is a full-service cryptocurrency exchange that is headquartered in Hong Kong, with six offices around the globe. It currently serves 4 million customers worldwide and is ranked in the top 10 exchanges globally by volume and liquidity. DigiFinex offers crypto spot, margin, derivatives trading, as well as asset management services. DigiFinex is also regulated by both the Australian Transaction Reports and Analysis Centre (AUSTRAC) and the Monetary Authority of Singapore (MAS).
The HGOLD token, is an ERC-20 offering with a billion tokens in total supply. It was initially offered on May 15, 2020, with a circulating token supply fixed at 100 million HGOLD. The token will be released into the market in five different phases, with each phase releasing 20 million tokens.
Hollywood And Crypto
The institutional interest in the cryptocurrency industry is clearly not limited to firms within the world of finance. Hollywood appears to be taking an interest as well. One recent example is eToro which has rolled out a popular ad featuring Hollywood actor Alec Baldwin.
On a certain level, it is understood that one of the best ways to grant legitimacy to the industry is to align it with mainstream brands and few things are more mainstream than Hollywood. This not only provides the blockchain industry with a certain level of visibility but also grants it authenticity in the eyes of the public. Consequently, is no surprise that Hollygold chose to partner with BaseFX.
Are Initial Exchange Offerings Reemerging?
From 2016 to 2018, ICOs were all the rage and some of the most successful ones went on to raise hundreds of millions of dollars. Unfortunately, it has come to light that many of these ICOs were not properly organized and some were even scams. Various regulatory bodies are working to this day to clean up the mess that was made during that period.
There was concern that outside industries and investors would be too discouraged by the events of that time to invest in new projects. However, projects such as HollyGold are challenging that notion. A number of more recent fundraising methods such as Security Token Offerings and Initial Exchange Offerings are showing that there is still faith in worthwhile projects within the industry.
Initial Exchange Offerings particularly had been seeing some more industry buzz in 2019 and had been discussed as a successor to the ICO era. Now, exchanges like DigiFinex are bringing it back to the limelight and exploring how best to engage the crypto industry.
Combined with a stamp of approval from Hollywood, this could help usher in a new era for the cryptocurrency industry.
Disclaimer: the writer does not have any relationship or vested interest in any of the companies mentioned. Please consult your financial advisor before investing in or using any cryptocurrencies or cryptocurrency exchanges as both pose risk. This article is for educational purposes and does not constitute financial advice.