Rally, GlobeDX and SingularityDAO mark active week for crypto increases

Blockchain projects Rally, GlobeDX and SingularityDAO closed very successful private sales this week, providing further evidence that smart money investors were still keeping an eye on emerging digital asset plays.

Rally, the so-called “crypto for creators” platform, raised $ 57 million for its community treasury through the sale of its RLY governance token, the project announced Wednesday. The Rally Network now has more than 100 creator coins representing various artists, with the top five creators generating an average of $ 102,000 in weekly transactions.

Global Derivative Exchange, or GlobeDX, also made headlines this week, closing a private $ 18 million raise led by major digital assets players including Y Combinator, Pantera, OKEx, CMT Digital and Wave Financial . GlobeDX markets itself as the “next-generation cryptocurrency exchange,” with greater leverage, market depth and access to the Crypto Volatility Index’s perpetual futures contract.

Meanwhile, SingularityDAO closed a $ 2.7 million private sale, with significant contributions from AlphaBit, GBV, SMO Capital, QCP Capital and several others. The DeFi project, which is supported by Ben Goertzel’s SingularityNET AI marketplace, allows users to earn and diversify revenue across a range of cryptocurrencies through an automated basket of assets.

While not quite the same as the 2017 ICO craze, blockchain projects are attracting significant capital during the current bull market. Even large financial institutions, such as JPMorgan Chase, Mastercard and UBS, are entering the digital asset market through strategic investments. Investors these days view projects much more carefully, with much of the revenue focused on projects with viable use cases and proven business models. This is in stark contrast to the 2017 fundraiser, which was largely driven by hype and euphoria.

The macro view of the cryptocurrency market is that we are still in the early stages of a fast-growing new industry that many believe reflects the rise of the internet market of the 1990s and early 2000s. While this is likely to create irrational exuberance among investors, it will also generate viable long-term projects.