Rally hires Patreon exec as CEO and raises $50M in token sale
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Rally, a crypto platform for creators, has named former Patreon chief executive Bremner Morris as CEO, and he raised $ 50 million in a token sale by his community.
The entity has raised the money through the sale of its token, $ RLY, which means the community has invested a total of $ 108 million to date for its treasury.
The funding will help build the broader ecosystem of the $ RLY network, including Rally and other consumer-focused projects. The funding will also be used for a future venture capital studio and an Asia-focused creators monetization project as part of a broader decentralization strategy.
Since its launch in October 2020, more than 170 personalized cryptocurrencies have been launched via Rally, including Grammy Award winners Portugal the Man ($ PTM), international football star Keisuke Honda ($ KSK), innovators Clubhouse Bomani X ($ BOO) and Christina Holder ($ WOMXN) and the world esports organization Gen.G ($ GGSC).
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Rally was the pioneer of personalized cryptocurrency (called a social token) for creators. Fans buy these tokens and use them to access events such as special events. The pieces benefit not only creators, but fans as well, Rally says. Fans can invest in or collect coins. They can hold onto them as they rise in value and then sell them for a profit. With this digital currency, creators can build sustainable and independent economies with their fan communities.
I like the idea because it fits into what I call “the leisure economy,” where one day we’ll all be paid to play games and build careers that weren’t there before. I’m talking about people like esports athletes, cosplayers, influencers, YouTubers, livestreamers, and modders. These are all the people Rally is targeting, said former CEO Kevin Chou. But the company is also targeting companies and brands.
The new boss
Morris was named by the community earlier this year to lead the go-to-market initiatives for the $ RLY network’s flagship app, Rally. Since joining the project, Morris has helped quickly evolve Rally into a leading encryption platform for creators. In the last quarter alone, Morris oversaw the launch of an upcoming brand visual identity and website; assembled a leadership team of creative economics experts, including executives from Twitch, Twitter, Facebook, Kickstarter and YouTube; and partnered with UTA to represent Rally to the creator / talent ecosystem.
Prior to joining Rally, Morris held leadership roles in the Creator Ecosystems and Digital Economy, including as Patreon’s Marketing and Revenue Manager and Head of Creator Partnerships. Prior to joining Patreon, Morris led the growth of AppDirect, one of the market’s leading providers of cloud software.
More new recruits
Rally also announced other new recruits. Carol Chen is now Rally’s vice president of engineering. She has been working in software development for over 15 years. Prior to joining Rally, she led the platform ads engineering and content ingestion team at the music service Pandora. She also has extensive experience in e-commerce, digital coupons, and games.
Chris Fortier is now Rally Vice President of Products. Previously, he led music product at Twitch, where he was the first to rent music product and supported musicians on Twitch as they tripled their share of video consumed and quintupled their share of music. income.
Stephanie Pereira joined Rally as Vice President of Creator Success. Previously she was Director of New Museum’s New Inc. Prior to that she was a Senior Executive at Kickstarter where she worked for over six years, first as Inaugural Arts Director and finally as Director of the engagement of creators where she oversaw the strategic growth and management of a global community of over 100,000 people.
Johnny Tong joined Rally as Financial Manager. He joins the company after a six-year term as Director and Chief Financial Officer at Peet’s Coffee.
New roles for the founders
With the adoption of the community’s proposal to decentralize the ecosystem of the $ RLY network, Chou and his co-founder Mahesh Vellanki will launch a venture capital studio, SuperLayer Labs, which will fund and accelerate separate projects in addition to the $ RLY network. . They will continue to serve Rally in an advisory capacity. The proposal also allocated a budget from the community treasury to establish a separate creator-focused project that will aim to expand Rally into the greater Asian region.
Rally is now transitioning to a community governed state as a project. The initial funding for the project included a mix of VCs including Andreesen Horowitz, Canaan, Battery Ventures, Coinbase Ventures, Green Bay Ventures and other major blockchain VCs, entrepreneurs, etc. The full community proposal can be read here.
Morris will assume the role of CEO of Rally.io, which will retain the Rally moniker. Rally has 34 employees.
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