Institutional investment means a great deal because huge some of money is usually the case here I really like to believe COVA have a good deal of investors because their technology is awesome
Instead of ICO, institutional investments are the way to go for future. Otherwise projects will not survive.
Covalent team made a smart choice when they went on the private sales option. I guess thats the best option in a bearish market. Also, Covalent got partners.
Smart move i must say but i think they did their sales when the market was still good and sure they got what they needed.