Journalism platform Civil issues refunds after failed token sale
Civil, the New York startup aiming to be a marketplace for journalism will be refunding participants in its token sale after failing to meet its minimum target of $8m.
Civil say they expected a different outcome when it launched the sale, but circumstances changedThe blockchain-based platform on which journalists can independently set up and run newsrooms focused on local, policy and investigative journalism started an initial coin offering on September 18 with a target of between $8m to $24m.
In a blog post CEO Matthew Iles said a new, much simpler token sale is in the works that will be “happening in weeks, not months”.
Iles said that blockchain development firm ConsenSys has committed $3.5m to the Civil Foundation, which will be used to fund existing grants to the 14 initial newsrooms as well as overheads. Future proceeds from the new CVL token sale will exclusively fund the foundation’s work, including its grantmaking.
He added: “It’s a setback for us, though not a shock. We watched the CVL token sale’s progress with the rest of you. We expected a different outcome when we launched the sale, but circumstances changed.
“We learned a lot of lessons which we will reflect on in the coming weeks and share with our community and the public. We’re here to build, and we’re excited for this new beginning.”