Korean crypto company Contents Protocol to shut down and refund 27000 ETH

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Contents Protocol, a Korean crypto startup focused on content exchange, announced that it will shut down due to a lack of business prospects and regulatory uncertainties.

In a rare bout of professionalism and solidarity, the company will be refunding their investors, distributing just under 27,000 ETH on a pro-rata basis.

Korean content exchange protocol shutting down after 14 months.

A Korean company behind the premium decentralized content exchange Contents Protocol has announced that it will be shutting down.

The project was created to collect consumer data from Korean content platforms such as WATCHA and WATCHA PLAY in order to create a better content production ecosystem.

The company rewarded the platforms and their users for the collected data with its native cryptocurrency, the Contents Protocol token, which would later be processed to be sold to other content providers.

Contents Protocol said that the negative perception toward cryptocurrency, price volatility, and complicated user experience were the biggest problems it faced.

Rarely a crypto company willingly refunds investors.

As the current circulating supply of CPT is just under 3.2 billion tokens, investors will get around 0.84 ETH for 100,000 CPT. "We will convert our remaining assets to ETH and distribute it on a pro-rata basis to CPT holders who have requested ETH compensation until a specified date."

While Contents Protocol isn't the first, nor will it be the last company to shut down after the ICO book, the startup made the news due to its decision to refund investors-willingly.

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