Civil, a blockchain-based decentralized media organization, is making heavy investments in Asia after accruing a one million dollar funding. The company is aiming to funnel this money into more than one hundred media across the countries of Asia. As reported by TechCrunch, the group had recently joined forces with Splice, a Singaporean media startup, which will help to organize the funding process.
Civil has generated a lot of attention of late, with many praising it for a promise of turning the media industry more organized through blockchain technology. The company also runs an upcoming project around a crypto token known as CVL.
The firm raised a staggering $5 million in funding from ConsenSys, the blockchain firm headed by Joe Lubin, the co-creator of Ethereum. The initial coin offering of this currency is staged to take place next month, with the financial goal set at 32 million dollars. Many high profile media groups are set to take part in the event.
Civil has also been providing financial support to a newly formed organization, The Colorado Sun. But the company’s purpose in Asia appears to be vastly different, with the intent being to financially empower media groups.
According to reports, the CEO of Splice, Alan Soon is undecided whether the financing process will take place through grants or equity-oriented investments. However, he mentioned that he expects the deals to be “pre-seed, micro-investments to help entrepreneurs take their ideas to the prototype stage.”
Soon is reported to have said, “I’m with Civil because I really believe in their values. They want to do the right thing for this space.”
The Splice official also mentioned that they have their focus on all ranges of the media, from such publishers and reporting sites to podcasts and even more advanced tech-based areas such as adtech.
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