ConsenSys Invests In New Revenue-Generating News Platform.

ConsenSys Invests In New Revenue-Generating News Platform.

2019-01-17 | Eddy Morgan

ConsenSys Invests In New Revenue-Generating News Platform.

In line with a recent official 'press release' published, Blockchain Tech giant ConsenSys has joined news industry leaders to contribute to the creation of a new revenue-generating news platform by WordPress.

ConsenSys has invested around $350k within the new WordPress project referred to as Newspack, which is an open source publishing platform for news corporations.

Through the investment, the renowned international blockchain company has joined leading organisations like Google News, The Lenfest Institute for Journalism and the John S along with James L. Knight Foundation. In total, WordPress’ parent company Automattic and its partners Spirited Media and News Revenue Hub have raised $2.4 Mln for the first funding of the initiative.

Apart from investment within the new PoC [proof-of-concept] initiative by WordPress, that is world’s most well-liked web-site management system, ConsenSys will also offer the new platform with a blockchain-powered native plugin for Civil. Backed by ConsenSys, Civil would permit any interested newsroom to join its community-owned journalism network and archive their content on decentralised storage systems.

Civil Media is a ConsenSys-backed firm that claims to deploy crypto assets to save journalism. Earlier in Oct last year, the corporate successfully raised around  $1.4 Mln in an ICO [initial coin offering] out of a targeted $8 Mln. However, the since the goal wasn't met, Civil refunded the money, however revealed its plans to re-launch again in Feb. this year despite the failure to fulfill the target.

ConsenSys reportedly is the major buyer of Civil Media [CVL] tokens, having bought nearly 80% of the tokens that were sold . In Oct 2018, Civil had noted that it might create a blockchain-publishing plugin for Wordpress.

Released in 2003, the WordPress on-line content management system [CMS] is employed by more than '60 Mln websites', together with, CNN and Quartz. Back in 2012, WordPress added Bitcoin [BTC] as a payment option for its CMS upgrades, claiming that “unlike credit cards and PayPal, Bitcoin has no central authority.”

However, the corporate lately closed the Bitcoin payment option in 2015, stating that Bitcoin was lower in 'priority', but still noting that the corporate was still an enormous believer in Bitcoin and is expected to re-add its support back within the upcoming days.

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