According to two former employees, the media company focused on crypto, BlockTV, announced the closing of its operations due to economic tensions by the crisis of the COVID-19.
After a round of massive layoffs in march, the rest of the members of the company of 35 people, BlockTV announces the closing of its operations, and its members are dismissed.
“The crisis of Covid-19 affected us strongly and we had to close BLOCKTV”said the COO of BlockTV, Noa Tamir. “We are very proud of the brand that we built and all the fresh content and news that we brought to the community of Blockchain and Crypto. We hope to be able to restore the life of BLOCKTV in the future.”
Birth and closure of the company
The news organization launched in 2019 with the endorsement of the controversial crypto-entrepreneur Moshe Hogeg. Last November, BlockTV tried to raise $ 2 million through the sale of its token BLTV on the platform of exchange Bittrex.
As the token Basic Attention Token of the Brave (BAT), the token BLTV encouraging to the readers, editors, and journalists to collaborate in the distribution of income. The implementation is detailed in a entry the blog of the company. However, the sale of tokens not helped the startup during the crisis.
“Unfortunately, were forced to close the store effectively with the locks of the coronavirus”, he said the former senior analyst and presenter of BlockTV, Asher Westropp-Evans. “As with so many others, it was difficult to keep operations running smoothly in conditions so stressful”.
Also, have a “crew skeletal” after the layoffs of march did not work, he added Westropp-Evans.
The token BlockTV
On the 21st of November BlockTV entered the crypto market with the launch of its token BLTV. A token ERC-20, that operates in the Blockchain of Ethereum. Was to stimulate a new economy of tokens that combines journalists and sources, consumers, and advertisers.
The main use of the token BLTV was to encourage sources to share their information with publishers. Through the newsroom of the BLTV. The editor verifies the content, packages it and publishes it.
After the publication, the history is tracked, and advertising revenues generated are shared with the source based on the bet and the reputation.
The tab of BLTV, also allowed the operation of an innovative business model to fund quality journalism. By eliminating much of the uncertainty when it comes to the interaction of the user with the content and the ads.
BlockTV initially put its token at a price of pre-sale of 0.01 dollars. At the time of press, the data provider CoinGecko put to BLTV to 0.003 dollars, a 70% less than in November.
“In the atmosphere of the early days of COVID when everything seemed to be in free fall, people were not anxious to take on an additional investment in tokens. Therefore, it was not going to help squeeze in the short term“. Said Westropp-Evans.
Before the pandemic, BlockTV had planned to launch a study in the city of New York in the first quarter of 2020 to complement its line of news reports. The home continued to broadcast content intermittently during the spring months, as you can see in their Twitter feed.