Civil has today announced that it will refund all its CVL token buyers. The Blockchain based journalism startup had an ambitious plan to sell $8 million worth of its cryptocurrency CVL. However it seems that it fell short of its target. The goal was to sell between $8 million and $24 million by 0ctober 17 .The Company announced that it thus failed to meets its pre set minimal requirements.
In a blog post Civil’s chief executive officer Mathew Iles expressed disappointment but was not shocked at the sale’s failure. In a prior post he authored he admitted things were not smooth as the company expected. “This isn’t how we saw this going,” he 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.” Participants of the ICO will be able to request refund or they will automatically refunded on October 29.
What’s next for Civil
However civil isn’t giving up. “We’re also working on a new token sale process, very different from the last one and, we hope, much easier” Iles wrote. Consensys a blockchain venture studio which had invested $5 million in civil last fall agreed to buy $3.5 million of the new tokens After these tokens are distributed Civil will launch new features such as a blockchain publishing plugin for wordpress, a developer tool for non blockchain developers and a community governance application called the Civil Registry.
A report by coin desk earlier this month revealed that Civil didn’t manage to clear a deficit of $1.34 million towards its intended target of $8 million until Oct 10 five days prior to the deadline. Civil had tried to reach out to major media brands including The New York times, The Washington Post, Dow Jones and Axios but it failed to garner interests in its token.
The company founded last year with a plan to define journalism has a strategic partnership with media companies like the associated press and forbes.Both companies confirmed that the failed ICO does not have any effect on their partnership with Civil.