Reserved IP Address°C
03-27-2025
BSV
$35.25
Vol 28.33m
1.5%
BTC
$86926
Vol 24480.99m
0.1%
BCH
$325.52
Vol 208.84m
-1.73%
LTC
$93.42
Vol 383.86m
-0.01%
DOGE
$0.19
Vol 1652.3m
-1.83%
Getting your Trinity Audio player ready...

The much-hyped Civil ICO has failed to reach its minimum target of $8 million, becoming only the latest ICO to fail at the first hurdle.

In a highly embarrassing turn of events for the firm, Civil raised less than $1.5 million for its blockchain journalism platform—despite partnerships with the Associated Press and Forbes, amongst other high profile names.

The company had initially planned to raise between $8 million and $24 million from its CVL token, with initial sales of 34 million tokens expected during the launch phase. In spectacularly failing to reach this target, it becomes one of the increasing number of ICOs that fail to inspire investors.

In the early days of ICOs, some had suggested that a company need only have sound basics to launch successfully, securing millions in funding in the process. However, in what some have read as an indication of waning investor interest, Civil’s failure is becoming an increasingly common story.

Commenting on the ICO, Civil said it would issue refunds to the 1,012 investors who took part in the token crowdsale. Civil CEO Matthew Iles implied that the process for buying was too difficult, thanking those who “were willing to jump through the hoops required to buy CVL tokens.”

He described the failure as a “setback for us, though not a shock,” and said that the firm was working on a newer, simpler ICO to bring to market in the near future. “We expected a different outcome when we launched the sale, but circumstances changed,” Iles said.

However, Civil remains undeterred, with the not-for-profit Civil Foundation said it still intends to push on with developing the platform. Pointing to $3.5 million in funding secured from Consensys, Iles said that the company was here to stay.

“The Civil Media Company is here to stay. We’re here to build, and we’re excited for this new beginning,” the company stated.

Civil’s failure is one of the most high profile in recent times to fail to reach its funding target, notable due to the press coverage around the token issue, which would ordinarily have led many investors to assume it would reach its funding target. By falling short, and by some distance, the Civil ICO could be a sign that investors are turning cold.

Recommended for you

India plans indigenous web browser in self-reliance push
This web browser project marks India's push for digital self-reliance, underscoring its commitment to developing innovative, secure digital technologies.
March 27, 2025
Leading with purpose: Catz Jalandoni on women, tech, and AI
Catz Jalandoni is breaking barriers in the tech industry, juggling motherhood and contributing to the global development of ethical AI...
March 27, 2025
Advertisement
Advertisement
Advertisement