Funding and infrastructure upgrade to support Props’ growth beyond its 3M users
The team behind Props, a network built to reward application users with a financial stake in the network they contribute to, announced that it has raised approximately $2M in token-sale financing from a number of funds and strategic partners led by Union Square Ventures (USV) and Borderless Capital, with participation from GSR, Lvna Capital, SPiCE VC, CoinFund and the Dating.com Group. Props will use the capital to scale its user network through integrations by additional consumer apps, and to evolve its infrastructure, including a transition of its PropsChain to the Algorand blockchain, the first open-source, permissionless, pure proof-of-stake blockchain protocol.
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With more than 3 million users on its network, Props is the first Regulation A+ consumer token qualified by the SEC. Apps integrate Props Tokens to grow engagement of their users, and better align with them. Props removes the technical and regulatory complexity traditionally associated with blockchain-based tokens through a set of APIs that apps can easily use to make the token experience seamless for users. The token can be used across the network’s apps. Props expects to grow to 5 million Props Token users following a May launch of Props Tokens on two additional consumer apps, Listia and Paltalk.
Nick Grossman, Partner at USV, said, “Props is bringing one of crypto’s killer features – enabling participants to share in the wealth generated on the networks they help grow – to mainstream apps.”
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To support the growing volume of activity on its PropsChain and provide greater transparency to network participants and the market, PropsChain will be moving to Algorand. Algorand’s public chain will increase Props’ speed and reliability, while powering more transaction volume and a higher level of security. This is a long-term partnership that will allow Props and Algorand to collaborate on a potential transition of more Props technology elements to the Algorand blockchain.
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