The round was led by Union Square Ventures and Borderless Capital, with participation from GSR, Lvna Capital, SPiCE VC, CoinFund and the Dating.com Group.
The company intends to 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, an open-source, permissionless, pure proof-of-stake blockchain protocol. 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 use to make the token experience seamless for users. The token can be used across the network’s apps.
The project expects to grow to 5 million token users following a May launch on two additional consumer apps, Listia and Paltalk.
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.
Led by Steve Kokinos, CEO, Algorand Props network includes a number of apps across different industries such as YouNow (a live broadcasting service), xSplit (a video game streaming with 17 million-registered-users), Camfrog, Listia, and Paltalk. Dating.com Group, a conglomerate of 15 international dating apps, with more than 73 million registered users intends to implement Props into its apps.