Blockchain media startup Civil shuts down

Ethereum • June 2, 2020, 6:49PM EDT
The Block

Civil, the ConsenSys-backed startup that aimed to decentralize the funding and "vetting" of journalism, is shutting down after four years.

The company built an innovative product, CEO Matthew Illes wrote in a blog post announcing the end of the company. "But ultimately, we failed to sustain ourselves independently."

The startup's goal was to create a "self-governing marketplace" for journalism using a blockchain.

In 2017 Civil raised $5M from ConsenSys. The firm had some initial traction, signing up name-brand media firms like The Associated Press and Forbes. But then it had a pair of failed initial coin offerings, and never seemed to regain its footing.

The Civil team will fold into ConsenSys to continue its development of decentralized identity software for Ethereum.