NEW YORK CITY / SANTA MONICA, CA, Feb. 22, 2018 (GLOBE NEWSWIRE) -- Digital entertainment company, Chimes Media, today announced the completion of a private investment in the form of token purchases from Blockchain Industries, Inc. (BCII), an investor in second generation initial coin offerings (ICOs). Blockchain Industries’ investment will help Chimes develop the first-ever comprehensive, decentralized and incentive-based music dataset for fans, musicians and industry professionals.
Blockchain Industries’ token purchase investment in Chimes involves both a utility token (CHI Token) and equity token (CME Token), which make up its proposed market-leading bifurcated ICO. This unique offering would be held by a fully reporting company that is proposed to be registered with the U.S. Securities and Exchange Commission (SEC).
“This investment brings us the best of both worlds,” said Patrick Moynihan, CEO of BCII. “Through our equity investment, Blockchain Industries will benefit from Chimes Media’s long-term success in providing better user experiences in an industry that needs new revenue streams as well as avenues of engagement for the next wave of music fans." “Our partnership is further supported by our purchase of Chimes’ utility token for its music marketplace. This is a template for innovative businesses who are at the forefront of their industries to raise capital and leverage the new efficiencies of blockchain” said Moynihan.
Chimes’ forthcoming blockchain-based music marketplace will allow the industry entry into new services, including micro-licensing, crowdsourced music projects and sponsored creation of music. Its marketplace will also give public and industry access to artists, incentive-based rewards for data updates and a common currency for a trusted cross-border payment system.
“Several entertainment search categories have been consolidated by databases, such as film searches by Amazon’s IMDb and Wikipedia, but not the music search category,” said Joe Mohen, CEO and founder of Chimes Media. “As the first mover, Chimes is able to capitalize on this rare opportunity to create a massive audience and global marketplace, providing entirely new revenue streams for the music industry. All the while, ensuring crypto backer and investor interest in an environment with little regulatory oversight.”
With its proposed ICO planned for launch in the second quarter of this year Chimes will become the nexus for artists’ interactions with fans, communications between industry professionals and a key launch point for consumer music e-commerce purchases and music-related advertising.
ICO 2.0
Chimes intends to conduct a bifurcated ICO for the purchase of both utility and equity tokens, which will represent equity ownership in the company and utility tokens for Chimes’ music marketplace. In this transaction, 80 percent of the tokens purchased by BCII are CME Tokens and 20 percent, CHI Tokens. The equity investment is in the form of Series T tokens, each of which is analogous to a share of stock. Chimes plans to register the tokens sold to BCII under United States Securities’ laws so that the tokens will be tradeable on an authorized token exchange in the next year. In addition, Chimes will issue a second coin for its marketplace, CHI Token, a standard utility token to create a circulating, functional, micro-coin for business on its music websites.
About Chimes Media
Chimes Broadcasting, Inc., doing business as Chimes Media, has one of the largest dataset of music production credits, which consolidates search results related to music. Chimes is creating a marketplace around music products for that audience, giving the public access to musicians, professionals and celebrities through chats, consumer gifts, micro-rights, music merchandise, access as well as a professional automated system to hire recording artists, composers, producers, and other professionals using smart contracts.
For more information on Chimes Media, visit https://www.chimesdb.com.
About Blockchain Industries, Inc.
Blockchain Industries is a diversified fintech holding company with a portfolio across multiple classes and verticals. The company invests and develops in a broad range of blockchain technologies. Their primary pillars of business are ICO venture investing and consulting, proprietary trading, DLT-based digital currency platform, and virtual currency mining. An additional focus on education and media adds value to the global community through increased blockchain technology awareness. The company is headquartered in Santa Monica, CA with satellite offices in New York, Puerto Rico and Tokyo.
For more information on Blockchain Industries, visit http://blockchainind.com.
This announcement is being made pursuant to and in accordance with Rule 135 under the Securities Act of 1933. As required by Rule 135, this press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
Chimes Media Contact:
Transform Group, chimes@transform.pr
Blockchain Industries Media Contact:
Lisa Moynihan, lisa@blockchainind.com