Props PBC, a blockchain organization based in Delaware, has received approval by the US Securities and Exchange Commission (SEC) for a token under Regulation A+. The company claims this is the first consumer facing crypto which has received such approval.
Regulation A+ is an alternative for startup companies that need initial funding rather than conducting an IPO. The token was issued on the Ethereum blockchain and provides a plug-and-play solution to allow apps to include Props tokens.
The token issued by Props is a rewards token which is designed to increase user engagement on apps, including streaming platforms and gaming services. It may also provide a continuous stream of income for content creators.
Blockstack made an announcement on July 10 that it was the first organization to be given approval for a public token offering on Regulation A+ by the SEC.