Due to the failure softcap journalistic blockchain startup from new York Civil announced the return to their investors. This is stated in the blog CEO Civil Matthew Isles.
Five days before the completion of the sales of tokens CVL startup raised $1.34 million instead of the planned $8 million to $24 million Matthew Isles said that investors will be able to request an immediate refund or Civil will automatically return them before October 29th.
“It’s a setback for us, although we are not shocked. We expected a different result, but circumstances have changed,” said Matthew Isles.
However Civil does not intend to abandon its plans to launch blockchain-based platform for journalists. Soon a startup will hold another round of selling tokens, but this time will simplify the process.
Isles also said that the Civil Fund, the financing of which should have been carried out through the sale of tokens will continue its work. The head of the project said that this became possible thanks to the company’s investment Ethereum-startup ConsenSys in the amount of $3.5 million.
We will remind, in October, representative Forbes said that the publication will begin to publish content on the blockchain Civil. According to WSJ, earlier the Civil team unsuccessfully tried to establish cooperation with The New York Times, The Washington Post and Dow Jones.
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