BlockTV Shuts Down, Says COVID-19 Makes it Hard to Keep Running

News • 2020/06/09 • by Remitano

Cryptocurrency media, BlockTV has decided to shut down its business. After some employee layoffs a few months ago, BlockTV hasn’t been able to turn its fortune around. For this reason, they decided to just cease operations and move on.

According to BlockTV Chief Operating Officer, he said that the ongoing COVID-19 pandemic has made it hard for them to keep operating with limited funds for the operation. BlockTV itself was only recently started (last year), and they attempted to fund the media through its crypto token sale on Bittrex. Their native crypto token is called BLTV. They got the idea from BAT where the token would be used to connect advertisers and publishers in one big ecosystem.

The cryptocurrency world has not been easy on newer altcoin projects to grow in 2019 and 2020, and COVID-19 was like the last nail in the coffin, Now, most crypto investors wouldn’t want to risk more token investments. Because of this, BlockTV has decided to shut down, although they are still not sure if they want to resurrect the project once the economy goes back to normal again.

It’s saddening to see some blockchain startups struggling to run their operation in this period of coronavirus pandemic. On the other hand, top cryptocurrencies like Bitcoin and Ethereum have been doing good in recent months.