The blockchain journalism startup firm, the Civil Media Company, is refunding investors as it fails to meet the projected $8 million in sales for its CVL token.
The Civil Media Company CEO,Matthew Iles has released a blog
on the firm’s official website offering a refund to investors as their ICO fundraising venture failed to hit the $8 million mark. Although 3,000 people were quick to jump on the CVL token bandwagon, it wasn’t enough to meet the targeted figure of $8 million it needed to get off the ground.
The CVL token goal was to raise the cash to create a new economy for journalism. The company enjoyed previous success in 2017 when raising $5 million for its ethereum startup venture Consensys.
Blockchain Journalism Startup Falters
The deadline date for the conclusion of token sales was October 15 with the aim of raising between $8 million and $24 million. The Civil Media team could already see that pre-set minimal requirement was never going to be reached. They are now offering a refund to CVL investors that ends on October 29. If you invested in the CVL token, you have under two weeks to claim your refund.
Matthew Iles informed the general public about his disappointment in regards to the CVL token in the blog piece by telling investors that:
“The CVL token sale didn’t succeed. We’re disappointed, but we’re as committed as ever to seeing Civil out in the world. A new, much simpler token sale is in the works. We’ll be sharing details on that soon.”
Iles is adamant that Civil will be moving forward after the disappointment by telling readers of the blog that they are here to stay. He went on to point out that the Civil Foundation, which has nothing to do with the funding for the CVL token, now has $3.5 million in funding and will be used for something new and exciting that is currently in the pipeline.