Crypto startup Civil closed and employees move to ConsenSys
Consensys-funded Civic project winds down
Project staff will move to Consensys
Consensys continues to develop its M&A strategy
International consortium of news organizations developing transparency standards.
Startup Civil, which deals with decentralized financing and audits in the field of journalism, has publicly announced the termination of activities.
On the Civil homepage, a message from startup CEO Matthew Isles appeared:
“We created innovative technologies, supported award-winning journalists and inspired people around the world with their dreams of creating a wider media space. But in the end we were unable to provide for ourselves. “.
According to him, this is not the result that the team was counting on, but she is still proud of her achievements, which would not have been possible without the support of the community..
Harsh market realities or the wrong business model?
Since its founding in 2016, Civil has become one of the first companies to bring blockchain to journalism. The startup was launched with the goal of creating a reputable newsroom, with CVL tokens to be used to reward journalists and manage the platform.
Registries, tokens and other Civil products are open and continue to function, but there will be no further active development or management. The future of the Civil Foundation is uncertain, but it is now virtually dormant,
“Our grand experiment failed, but we were able to bring many people together around something completely new and very important,” added Isles..
Merger with Consensys
Although the initial coin offering (ICO) attempt failed for the startup, it received $ 5 million from Consensys in 2017..
The startup also partnered with Consensys to develop products related to decentralized identification in the information and advertising space, “which interested businesses in terms of licensing monitored content and transparent decision making in advertising placement.”.
The blog also announced that the Civil team will join Consensys and continue to develop decentralized identity software for Ethereum..
As a reminder, a week earlier, Consensys acquired a decentralized cryptocurrency exchange platform for AirSwap tokens. However, unlike Civil, project staff will continue to work on their roadmap with the support of ConsenSys..
A New York blockchain startup has gone headlong into mergers and acquisitions. However, new company acquisitions have been accompanied by internal restructuring and downsizing. Earlier, the editorial staff of BeInCrypto reported that the company laid off 14% of employees amid the coronavirus crisis.
How do you think the investment strategy of the company is justified, and what will happen to the Civic project? Share your thoughts with us in the comments and join the discussion in our Telegram channel.
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