- Civil (CVL) has set a soft cap target of $8 million and a hard cap of $24 million.
- Civil ICO claims to have generated less than $3 million as at October 10, 2018.
- Civil says ConsenSys blockchain project remains its largest investor, purchasing over $1 million worth of CVL tokens.
Civil (CVL), the distributed ledger technology (DLT) project that’s focused on revolutionizing the journalism ecosystem, launched its token generation event on September 28, to raise funds for the development of its decentralized network for ethical journalism. Now the team has released details of its CVL token sales via a Medium blog post on October 10, 2018.
Civil (CVL) Struggling to Make it Work
According to a Medium blog post by the Civil team, its crypto-based fundraiser is still struggling to hit the project’s soft cap target of $ 8million, with the ICO set to end on October 15, 2018.
While disappointed by the turnover so far, Civil has made it clear that it’s working round the clock to meet its set targets and that it will not give up the fight for a decentralized, blockchain-powered ethical journalism network for the people.
Civil (CVL) Token Sale Information
As stated in its blog post, Civil launched its token sale on September 18, 2018. The team is looking to sell 34 million CVL tokens out of the 100 million CVL tokens created.
Civil plans to raise a minimum of $8 million, with a hard cap target of $24 million.
The team claims that since its ICO went live, more than 36,000 people have visited its website, but only 681 participants have so far completed their CVL token purchase, totaling $1,344,721.59.
Civil has also revealed that 1,671 investors have committed $798,503.71 into the project but they are yet to complete their purchase.
In total, the project has generated $2,143,225.30 from over 2,000 investors, which is a far below its $8 million soft cap.
Civil has stated categorically that unlike other half-baked blockchain startups that have failed to continue operations after a disappointing token generation event, The Civil Media Company will continue to function no matter the outcome of its CVL token sales, since it’s backed by ConsenSys, the DLT project established by the co-founder of Ethereum, Joe Lubin.
Civil has also said that if its fundraising targets are not met, it will continue to fund its operations via ‘equity investment’ until it starts generating revenues through its commercial activities.