What’s Going On?
The Civil Media Co., a startup that hopes blockchain tech can come to the rescue of an ailing global media industry has fallen far short of its $8m ICO target.
Why Does It Matter?
Civil was founded last year to help redefine journalism through a project combining a publishing system with a crowdfunding tool along the lines of Patreon, reported Fortune. The new platform would be built on Ethereum-based tokens to help fund independent journalism and the company set out to sell enough tokens to raise between $8 million and $24 million.
So How Did That Progress?
It didn’t, at least not nearly enough to make the project happen in the near term. After a month of promotion, Civil fell short of its $8 million ICO target, reported Quartz. It eventually attracted just $1.4 million from supporters.
“It’s a setback for us, though not a shock,” wrote Civil Founder Matthew Iles. “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.”
But Civil is not going anywhere, he added. “The Civil Media Company is here to stay. The Civil Foundation now has $3.5 million in funding, and this doesn’t include the funding it will receive from the new sale of CVL tokens. We’re here to build, and we’re excited for this new beginning.”