A new digital coin hit the markets yesterday, and the name of the coin was quite weird for a lot of investors regarding the fact that it was connected to a well known mainstream media outlet The Wall Street Journal, further investigations reach an article from Finance Magnates that showcases how the Wall Street Journal Coin came to life and met a rather quick end actually. They may even compete for the shortest life-span of a digital currency.
The coin technically never came to life, however, the appearance of it is still being called a launch. Investors were actually quite interested in a potential purchase. Given the fact that new cryptocurrencies come out with the snap of a finger, many investors stock up on new cryptos within seconds of its life and get rid of them by the end of the day, it has already proven in many cases to be a profitable endeavor. However, for the Wall Street Journal Coin, life was not something it could see, because Steven Russolillo, the WSJ reporter tasked with the launching of the coin, was not able to handle it.
As we already mentioned above Most of the ICOs that manage to get launched (which is quite a low number actually), still don’t really live that long, the ones that survive are those that provide very specific services in very specific fields. We and WSJ do not blame Russolillo for the failure of the ICO, because it is so common it can be compared to rain at this point.
The concept of the WSJCoin was born in Japan, one of the, if not the most technologically developed and blockchain-friendly countries out there. According to Russolillo, he got the idea after meeting the VCG (Virtual Currency Group). The idea was also embraced by the management in WSJ and was given the green light. The Wall Street Journal Coin was supposed to be a digital currency for newspapers. We believe that it would be a breath of fresh air from the weekly subscription fees on news websites. unfortunately, however, the editor for ethics and standards Neil Lipschitz, stopped the process saying that it is not relevant for news outlets to delve into crypto business.