Matthew Iles, a co-founder of Civil, announced in a blog post that Civil will relaunch in early February after a failed token sale in October. Civil is a blockchain project aimed at “building the new economy for journalism.” The token sale raised $1.4 million in October, which was far less than the minimum fundraise goal of $8 million and the maximum fundraise goal of $24 million. Following the failed token sale, Iles said: “The CVL token sale didn’t succeed. We’re disappointed, but we’re as committed as ever to seeing Civil out in the world.”
Iles said Wednesday that Civil "was never about ICOs and tokens, or even blockchain." And yet there will be a token sale directly on Civil's website in February. Unlike last time, there will be no hard cap, no soft cap, or time limits. The tokens will stay on sale until all 34 million of tokens are sold out. Civil also said they currently have 18 newsrooms with a total readership near 10 million people and "more than 50 additional newsrooms are preparing to join" for the February launch.