The well-known journalistic project CIVIL, which has become well-known as one of the most friendly platforms to crypto active assets, is experiencing not the best times. The ICO procedure, which began on September 18, failed. It took only about 3 thousand depositors and only $ 3.5 million for the month of active token distribution (the company planned to get $ 8 million).
The founder of the CIVIL project, Matthew Iles, reported on the corporate blog page that ICO had really failed. Among the reasons, the team notes both its flaws and the disproportionate policy of working with tokens (it is obvious that the blockchain-startup team was not ready for such difficult tasks). However, the CIVIL CEO said that the team is ready to admit its mistakes and provide a series of actions to correct the situation.
So, starting from September 29, all users have the right to exchange their tokens for fiat funds. Also, from this date, as Matthew Iles writes in the blog, the process of the full refinancing of coins begins, and users (according to CIVIL, there are much more than 3200 people) will receive the priority right to start trading with these tokens.
Another important solution to this problem is the use of additional funds. A subsidiary of the CIVIL Foundation, which kept the borrowed $ 3.5 million, would use exactly the same amount to encourage the larger purchases of tokens. Iles is also confident that, starting from September 29, the CIVIL team tries to use a completely different approach for the coin distribution, and by this time, this act is to expect more successful and qualitative.
“We’re also working on a new token sale process, very different from the last one and, we hope, much easier. We’ll be sharing an update soon on how you can continue to support and participate in Civil”, resumed the platform’s CEO, Matthew Iles.