Civil Media, which wants to create “sustainable” journalism using its blockchain platform, is giving a refund to all those who participated in its initial coin offering because it didn’t meet its minimum target.

Matthew Iles, Civil’s CEO, wrote in a blog post Tuesday the startup closed sales of its proprietary CVL token on Oct. 15 short of its $8 million minimum. Civil wanted the ICO to raise between $8 million and $24 million.

Now, those who bought in can request an immediate refund from Civil or “they will be automatically refunded by Oct. 29,” said Iles.

That likely includes the media organizations that agreed to take CVL tokens as part of their content agreements with Civil including Forbes and the Associated Press.

The company is looking to start another sale “in weeks, not months” and “working on a new token sale process, very different from the last one and, we hope, much easier,” Iles wrote.

ThirtyK Staff
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