People thought that the Civil Media Company’s plan is to sell $8 million worth of its CVL tokens. Its initial coin offering needs to fund the company’s effort to make a new economy for journalism but fails to attract sufficient interest.
Civil announced today that they will refunds to all CVL token buyers by October 29, 2018. The company aim was to trade 24 million CVL tokens for $8 – $24 million. The sale was started on 18th September and ended on 16th October. Finally, around 1012 buyers acquired worth of $1,435,491 CVL tokens. Added to this, 1,738 buyers registered for sale but failed to complete their transactions.
The company says that much simpler token is in work, where the details will be shared shortly. Once those token are distributed, the Civil will introduce 3 benefits a blockchain-publishing plugin for WordPress, a community governance application called The Civil Registry and a developer tool for non-blockchain developers to build apps on Civil.
Apart from its token sale, the company Civil has inked strategic partnerships with media companies like the Associated Press and Forbes.