At the end of October 2019, the blockchain-focused media company BLOCKTV announced the Nov. 21, 2019, launch of its native cryptocurrency on Bittrex Global. The BLTV token will reportedly be used by creators, advertisers, and creators to improve engagement on the platform. Since the announcement, some commentators have, however, picked apart the real utility of a media token with others calling it nothing more than a “cash grab.”
Will people stop coming on @BLOCKTVnews now that they have their own cashgrab token? 🤷🏼♂️
— Larry Cermak (@lawmaster) November 3, 2019
BLOCKTV’s Token Utility
Israeli startup BLOCKTV first launched in the early months of 2019 and looked to bring high-quality video content to the world of blockchain technology.
Since then, they’ve amassed over 1,200 hours of footage and a following of 11 million viewers. This viewership reportedly touches 25 million if one includes the handful of partnerships between various media outlets, of which CryptoSlate is one since its journalists have appeared on the channel as guests numerous times.
Launching a cryptocurrency would thus capitalize on such a fast-growing audience.
BLOCKTV is a televised news source for the blockchain and cryptocurrency community, founded in 2018.
The company explained that this audience would not need to compete with any private or pre-sales either. Instead, BLTV will be publicly listed on Bittrex Global on Nov. 21, 2019, at $0.01 per token.
Although there are three billion total tokens, only 20 percent of this supply will go on sale later this month. BLOCKTV’s white paper indicates that 47 percent will be kept in reserve, 14 percent will go to “strategic partners and marketing,” another 17 percent to a 30-person team,