Media Startup Civil to Issue Refunds as $8 Million Token Sale Fails

Civil, the New York-based startup aiming to put journalism on a blockchain, has announced it will issue refunds to users who participated in its token sale, as it failed to meet a pre-set minimal requirement.

Matthew Iles, Civil’s chief executive officer, wrote in a blog post on Tuesday that the startup closed the sales process of its proprietary CVL tokens on Oct. 15, which was not able to reach the goal of collecting at least $8 million.

Having received a $5 million funding from the ethereum startup Consensys last year, Civil started the token sales on Sept. 18 to raise somewhere between $8 million to $24 million by Oct. 15 in its bid to launch a blockchain journalism platform.

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