Why Is The Blockchain Media Startup Civil Refunding All Buyers Of Its Cryptocurrency?

What Is The Role Of CVL In Cryptocurrency World?

The Civil Media Company’s ambitious plan to sell $8 million worth of the cryptocurrency was doubted by many as it turns out the skeptics were right. being meant to fund the company’s effort, the Civil's initial coin offering created a new economy for journalism using blockchain failing to attract sufficient interest. The company further announced it is providing refunds to all CVL token buyers. 

Intending to sell 34 million CVL tokens for between $8 million and $24 million Civil had ultimately 1,012 buyers purchasing $ 1,435,491 worth of CVL tokens. According to a spokesperson for Civil, an additional 1,738 buyers have been successfully registered for the sale which never completed their transaction. Certainly, Civil isn’t giving up as it says a new much simpler token sale is being worked out while the details are being shared soon. In this scenario, as the new tokens are distributed, Civil has thereby launched three new features including a blockchain publishing plugin for Wordpress, a community governance application called the Civil Registry, and finally a developer tool that suits non-blockchain developers to build apps on Civil. 

A blockchain venture studio Consensys has invested $5 million in Civil agreeing to purchase $ 3.5 million worth of the new tokens whereas it is not equity as all capital from the token sale is committed to the Civil Foundation with independent non-profit initially funded by Civil where funds are granted to the newsrooms in Civil’s network. The CEO of Civil, Matthew IIes wrote in a blog post that the token sale failure was truly a disappointment but not a shock where days prior he said in a separate post that things weren’t looking good. 

What Are The Founders Commenting On The Performance Of CVL?

As he wrote, it was not expected to be going this way as the numbers are sure to show enough that they were not where they wanted to be at this point as the sale was when they started, and one thing was that they said at the top is that until the clock strikes midnight they are still working nonstop on the goal of making their soft cap of $8 million. Further on a Wall Street Journal report has claimed Civil reached out to the New York Times along with The Washington Post, the Dow Jones, and Axios among others whereas it failed to incite interest in its token. 

When it came to be separated from the token sale, Civil had inked strategic partnerships along with the media companies similar to the Associated Press and Forbes as they confirmed that the failed token sale isn’t impacting their partnerships with Civil. Being the first major media brand to test Civil’s technology Forbes as it announced it would experiment with publishing content to the Civil platform and AP granted the newsrooms in Civil’s network licenses to the content. 

The fact is that it is not just Civil that is a blockchain startup targeting journalism whereas Nwzer, User feeds and Po.et being founded by Jarrod Dicker as the former vice president at the Washington Post are trying their hand to bring the new technology to the content industry. The question here is which if any is finding success in the complicated space.  

Why Cryptocurrency? Why CVL?

Cryptocurrency as explained in most of the articles is the investor’s choice of this decade. Observed as the safest and secure mode of investments, it is here that the developers are eyeing a robust platform for monetary transactions. This helps the investors rest assured to make them strong and healthy investment to be made for their funds. While CVL is one of the many ICOs in the current crypto world, it comes to be another one that is more reliable in the current ecosystem. CVL gains on the many kinds of cryptocurrencies developed on the more robust blockchain technology. Furthermore, it comes as a more preferred currency being traded in the virtual world. 

The Final Words Summing Up The Discussion On CVL

With the help of developers, the investors in blockchain technology can be confident that they are being targeted to safe and secure cloud storage for their investments. The decentralized ledger technology behind blockchain helps them have the safest mode of monetary transactions, even where there are many speculations of trade discrepancies similar to money laundering thanks to its unregulated feature. There is more to know on the latest news of cryptocurrencies and so stay tuned.