Wall Street Journal’s Cryptocurrency Token Project ‘WSJ Coin’ Sees Stoppage after Internal Testing
Senior Exec Halts Wall Street Journal’s Own Crypto for Ethical Questions
A mini documentary released this week shows the creation and the destruction of the Wall Street Journal (WSJ)’s own cryptocurrency. The WSJ Coin, as it would be called, was initially envisioned by the journalist Steven Russolillo, which hopes that the token could be used to a real use case for the journalism industry in the crypto market.
However, the planned WSJ Coins, which would be distributed in a physical version for an audience in a panel discussing D.Live annual technology conference in Hong Kong, was thrown away. BitPesa CEO Elizabeth Rossielo and the former CTO of Ripple, Stephan Thomas were speaking at the event and saw potential in a journalism-based crypto asset.
Russolillo teamed up with Makuto Takemiya to use Hyperledger’s Iroha blockchain as a basis for this new token which would have a supply of 8.4 billion units, which was decided after looking at the market cap of the Top 10 crypto assets in the market.
Head Of Ethics Shut The Whole Project Down
When Russolillo pitched the project to the investors, Neil Lipschietz, the editor of ethics and standards of the journal, shot him down. He said that the project raised ethical questions and effectively blocked it.
According to the head of ethics, the WSJ is not in the business of cryptos, but in the business of reporting it and trying to explain it. He compared the idea of banks starting to report about banks and affirmed that they would not create a new crypto.
It was a fine idea while it lasted, it seems. Did you like it? Would buy a token created by a newspaper? Only future will tell if we will actually see one of this soon.