UPDATE: At the beginning of this year, PressCoin, the self-styled “crypto-economy for the Indian press” had grand plans of raising $100 million through a freshly minted crypto token aptly called NEWS. Except, today, NEWS is nowhere to be found on crypto listings. How did this happen?

PressCoin raised about $25 million through the ICO of its token NEWS. Six months in, a lot has changed.

For starters, the old guard is gone. During the ICO, PressCoin had 17 members working with it. Seven members in its leadership team. Three world-renowned journalists on the advisory board. And seven other equally-renowned journalists on the participation board.

Today, that number is down to three. Even Nafeez Ahmed, who was tasked with the role of Chief Journalist across PressCoin, is no longer on the “team” page of its website. The present team consists of Amit Rathore as head of product, Abhishek Sharma (a new addition) as the CTO, and Amit Bansal, who is in-charge of partnerships.

A mass overhaul like this doesn’t happen overnight. The NEWS token, Presscoin’s golden goose, could use some MISSING posters. The token, which was supposed to “be listed on all major exchanges in addition to the CointypeX exchange” as per the white paper, is notably unlisted. For starters, it isn’t on CoinMarketCap, a website which tracks the price movement of digital currencies, after six months of being launched. So, those who did purchase the token don’t have any place to trade or sell it.

Between disappearing board members and missing tokens, much has happened at PressCoin.

1. Institutional investors exit. In a blog post, PressCoin said that it has cancelled its purchase agreement with institutional token purchasers as they were “incompatible” with the group’s “strategy and philosophy”.

2. Product launches. PressCoin has reportedly launched a new platform called NextElection. Currently, in its beta stage, it appears to be a news aggregator platform devoid of original stories.

3. Investor panic. A move to apparently bring about transparency has become more opaque over time.

Six months could’ve helped PressCoin establish its use of blockchain and the NEWS token.

AUTHOR

Sidhartha Shukla

In his earlier stint at Moneycontrol, the website owned by the Network18 group, Sid wrote on cryptocurrencies, cybersecurity, business, and finance. Born in Raipur, Chhattisgarh, Sid has spent most of his life in Jalandhar, Punjab. He has a BSc in Mathematics from St Xavier’s College, Mumbai. Sid is a comic book nerd and a big fan of Alan Moore, Neil Gaiman and Brian Azzarello. He can be reached at sidhartha at the rate the-ken.com

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