[GEORGE TOWN, Cayman Islands] MovieCoin, the financial technology company leveraging blockchain, smart contracts and digital assets to create a new standard currency for entertainment financing, business transactions and consumer payments, is withdrawing the scheduled public sale of Moviecoin ("MOV") Utility Tokens after receiving overwhelming interest during the company's private presale.
Accepting Ethereum, Bitcoin and BANKEX (BKX) Tokens as payment, MovieCoin's MOV Token presale ended at 12:00pm EST on November 29, following a request to extend the presale from institutional buyers. MOV Tokens, which had a sale price of $0.11, will be distributed from the Cayman Islands and not offered for sale in the United States or Canada. MovieCoin's public sale had been scheduled to begin this month.
MovieCoin was founded in 2017 in partnership with BANKEX, a top-20 global fintech company, to combine Bank-as-a-Service (BaaS) with blockchain technology and facilitate the digitization, tokenization and exchange of traditional assets. MOV Tokens will help members of MovieCoin's entertainment ecosystem make better-informed B2B and B2C purchase decisions, uncover new stakeholder insights in real-time and address the industry's accounting and revenue sharing challenges by providing new levels of transparency into capital flows and fiscal performance.
"We are satisfied with the outcome of the MOV Token presale," said Christopher Woodrow, Chairman and CEO at MovieCoin. "Entertainment companies and private buyers were more receptive to MovieCoin's model than we first anticipated. This revelation, in conjunction with demand from blockchain technology and media investment funds, left little need for a public token sale at this time."
Institutional buyers formed the majority of MovieCoin's private presale participants, signaling a dynamic shift in the market toward the acceptance of digital assets. A full breakdown of the presale results can be found below:
300 million MOV Tokens are reserved for investors participating in MovieCoin Holdings Inc.'s Series C Funding. These include a leading film studio and a consortium of private blockchain technology and media investment funds based in Asia, Australia, Europe and the Middle East.
200 million MOV Tokens are reserved for strategic partners, including a technology provider and a financial services company, which will use MOV Tokens to automate and digitize the collection and accounts receivable processes for the global entertainment industry.
The remaining 100 million MOV Tokens are reserved for consumer transactions to enable payment for products including movie tickets, multimedia content and exclusive rewards.
MovieCoin is also planning a separate MovieCoin Smart Fund ("MSF") Security Token sale to accredited investors in 2019, pursuant to Regulation D of the United States Securities Act and Canadian National Instrument 45-106 - Prospectus Exemptions.