Categories: Ethereum

One Big Backer Is Propping Up Media Startup Civil’s Struggling ICO

Click here to view original web page at

The token sale for Civil, the ConsenSys-backed company putting journalism on the blockchain, has brought in $1.34 million toward its $8 million minimum, according to a transparency report released today by the company.

The company is pre-selling allocations of its consumer token, dubbed CVL, in the run-up to the launch of its blockchain-fueled journalism platform. Last October, Civil announced that it had received $5 million in funding from ConsenSys, the ethereum-focused development studio.

The sale won't be finalized unless it reaches its "soft cap" of $8 million by October 15. The company has also designated a funding cap of $24 million.

In the report, Civil founder Matthew Iles said that the startup would push toward reaching the $8 million cap in spite of the progress thus far.

"The numbers will show clearly enough that we are not where we wanted to be at this point in the sale when we started out," he wrote. "But one thing we want to say at the top is that until the clock strikes midnight on Monday, we are still working nonstop on the goal of making our soft cap of $8 million."

He later wrote:

"We were founded to deliver a decentralized network for ethical journalism to the people, so nothing is more painful for our team than to witness how challenging it has been for motivated Civil supporters to wrestle with the user experience challenges involved with our unique consumer token product."

The company added that "The Civil Media Company did not and does not need the proceeds from this sale in order to continue operations."

What the data says

According to the report, 681 individuals from 61 countries had finished purchasing tokens during the sale, accounting for a total of $1,344,721.59 as of 9 a.m. ET Thursday.

The majority of those buyers – 487 contributors – purchased less than $100 in tokens, with 250 people falling in the $100-$500 range. Just one buyer completed a purchase in excess of $10,000.

"Another 1,671 individuals have committed another $798,503.71, but are either stuck somewhere in the process or simply haven't decided to fulfill their commitment yet," Civil added, noting that, all told, pledged contributions amounted to roughly $2.1 million.

ConsenSys "purchased $1.1MM in CVL tokens during two separate transactions in September – representing 82% of the completed purchase total," according to the report.

The slow fundraising progress is a far cry from 2017, when other publishing projects, such as Brave's basic attention token (BAT) raised $35 million in less than a minute.

"We actually believe in shipping product before asking customers to pay for something," Civil CEO Matthew Iles told CoinDesk in an interview in September. "Looking at what happened last summer, a lot of people asked us why we didn't get the cash while we can."

Newspaper photo distributed by Pixabay under a creative commons license

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.


Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

Bitcoins and Cryptocurrency: Myths and realities

Part 2: The Journey This is a story of secret beginnings. A story of a brilliant idea, born of trying… Read More

5 hours ago

Twitter is Losing its S%# Over This $4 Million Golden Toilet

An solid gold toilet from Churchill's birthplace goes missing. | Source: AP Photo, File Golden toilets don’t come around very… Read More

5 hours ago

eToro Aims to Put Derivatives on the Blockchain With Lira Programming Language

eToro , an Israel-based exchange platform, revealed a new programming language designed to simplify derivatives trading.Speaking ahead of the Ethereal… Read More

5 hours ago

Gartner sees blockchain as ‘transformational’ across industries, in 5-10 years

Credit: Dreamstime Research firm Gartner, whose past evaluations of blockchain have been conservative to say the least , expects the… Read More

11 hours ago

The Future Lies in Blockchain: Circle CEO Jeremy Allaire Backs China’s Cryptocurrency and Facebook’s Libra

The year is 2017. Cryptocurrencies and their underlying blockchain technology are sternly poised to take over the world. Investors, all… Read More

11 hours ago

Ethereum-based Staked Not Efficient, Claims DeFi Builder

Much like banks, there is competition with the Ethereum decentralized finance (DeFi) ecosystem; each protocol and ecosystem offers different benefits… Read More

11 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More