Civil, a ConsenSys-backed startup that aimed to decentralize journalism funding and vetting, has just announced it is shutting down.
Matthew Illes, CEO of the company, said the firm has been working for 4 years on an innovative product, however, it has been forced to shut down because "we failed to sustain ourselves independently."
The company aimed to develop a "self-governing marketplace" for journalism based on blockchain technology.
The company, which raised $5M from ConsenSys in 2017, received support from important industry players such as The Associated Press and Forbes, however, it held several failed ICOs and never managed to recover.
Civil's team will reportedly continue to work for ConsenSys in the development of decentralized identity software for Ethereum.
The company's CEO added:
"Although the journey for Civil is over, our new team continues to develop cutting-edge technology that I believe will contribute to building a better internet. This isn't the outcome we had envisioned, but nevertheless, we're proud of what we accomplished."
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.