Blockchain News

Blockchain startup Civil loses banking service

Journalism for the blockchain

Civil is a Blockchain based start-up that has been doing journalism using the blockchain and with hundreds of individuals involved. Unfortunately, the company has now seen its first denial of access from the banks, which will be in effect as of next month.

The First Republic is a lender to the Civil start-up and will be shutting down its services to the blockchain start-up. The companies bank has stated that it will be terminating its services to Civil on June the 6th, because the company is related to block actives. This has left the Civil company to struggle to find a new way for its banking activities.

As this will be needed if the company wishes to obtain a foreign certificate in order for the company to be able to register in a different jurisdiction in New York. Civil has reportedly asked the bankers of Chase bank and Bank of America along with Silvergate for further banking asstance. However, the First Republic gave no further comments on the developments of this topic.

The Civil platform

This Blockchain platform is focused on bringing new business models to online journalism, by providing various online newsrooms. These include Tom Scocca-led, Sludge and Hmmdaily. The company has mentioned that banks frequently make it hard for start-ups with involvement in cryptocurrencies to have an account. Stating that:

“Before you know it the account is shut down.”

The company has also said that start-ups make little effort to publicise their struggles with U.S banks. As some think that doing so may spark further recriminations. This is because most startups still do not use Blockchain transactions for all their business transactions, especially to other companies or organisations.

However, there have been a multitude of different companies that have popped up in order to fund these legitimate crypto startups. This includes companies like Crypto Capital Corps that has started delivering payment support and education to the masses.

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coinmag

My occupation is the Research of blockchains and their practical applications in the economy. I have graduated through various levels of education, including electrical technique, Business, Psychology, and innovative technologies.

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