Media Startup Civil to Issue Refunds as $8 Million Token Sale Fails
- Civil has failed to raise the minimum $8m it targeted with its token issue of CVL tokens, and so has announced it will refund all contributions by October 29th, reports Coinbase.
Comments
This is an interesting outcome, albeit one that had been well flagged in recent weeks.
Firstly, this was a use case blockchain for trusted journalism, which many in the blockchain world were once excited about, and which resonated with wider concerns regarding fake news, biased media etc.
Secondly, Civil had already secured $5m of funding from ConsenSys, the blockchain developer run by Joe Lubin, one of the early founders of Ethereum. Basically, Lubin is considered blockchain royalty, and it’s surprising that a venture with such high profile backing failed to achieve its relatively modest capital raise aims.
What do you think?
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