A journalistic blockchain-startup from New York Civil announced the return of funds to investors, because of the failure to achieve a softcap. This was stated in the blog of the CEO Civil Matthew Isles.
Five days before the completion of sales of CVL tokens, a startup raised $ 1.34 million instead of the planned $ 8 million to $ 24 million. Matthew Isles said investors could request an immediate refund or Civil will automatically return them before October 29.
“This is bad luck for us, although we are not shocked. We expected a different result, but circumstances have changed, ” – said Matthew Isles.
Nevertheless, Civil does not intend to abandon its plans to launch a blockchain platform for journalists. In the near future, the startup will hold another round of sales of tokens, but this time it will simplify the process.
Isles also said that the Civil Foundation, which was to be funded through the sale of tokens, will continue its work. The head of the project noted that this was made possible by the investment of Ethereum-startup ConsenSys in the amount of $ 3.5 million.
In October, a Forbes representative said that the publication will begin to publish content on the Civil blockchain. As the WSJ reports, earlier the Civil team had unsuccessfully tried to cooperate with The New York Times, The Washington Post and Dow Jones.