Blockchain media startup Civil is issuing full refunds to all buyers of its cryptocurrency
The skeptics, because it seems, were right. Civil’s initial coin giving, meant to fund the company’s effort to form a brand new economy for journalism exploitation the blockchain, did not attract enough interest. the corporate proclaimed these days that it’d give refunds to any or all CVL token patrons by October twenty nine.
Civil’s goal was to sell thirty four million CVL tokens for between $8 million and $24 million. The sale began on Gregorian calendar month eighteen and over yesterday. Ultimately, 1,012 patrons purchased $1,435,491 value of CVL tokens. A spokesperson for Civil told TechCrunch an additional 1,738 buyers successfully registered for the sale, but never completed their transaction.
Civil isn’t giving up. The company says “a new, much simpler token sale is in the works,” details of which will be shared soon. Once those new tokens are distributed, Civil will launch three new features: a blockchain-publishing plugin for WordPress, a community governance application called The Civil Registry and a developer tool for non-blockchain developers to build apps on Civil.
This isn’t how we saw this going,” Iles wrote. “The numbers will show clearly enough that we are not where we wanted to be at this point in the sale when we started out. But one thing we want to say at the top is that until the clock strikes midnight on Monday, we are still working nonstop on the goal of making our soft cap of $8 million.”
A recent Wall Street Journal report claimed Civil had reached out to The New York Times, The Washington Post, Dow Jones and Axios, among others, but failed to incite interest in its token.
Separate from its token sale, Civil has inked strategic partnerships with media companies like the Associated Press and Forbes, both of which confirmed to TechCrunch today that the failed token sale doesn’t impact their partnerships with Civil.