NEW YORK, Dec. 12, 2017 /PRNewswire/ -- Republic, an affiliate of preeminent startup investing platform AngelList, today announces Republic Crypto, a new platform giving unaccredited investors access to a major token pre-sale in a first-in-kind concurrent offering with CoinList. Republic Crypto's first offering, PROPS, a new ecosystem of decentralized video applications, successfully reached its SEC-regulated $1.07M cap within hours of its opening due to overwhelming demand from PROPS supporters.
Backed by Union Square Ventures, Notation Capital and other noted investors, PROPS is a decentralized ecosystem of video applications that benefits from the YouNow community of millions already transacting in a two-sided digital economy. Through its Republic Crypto campaign, PROPS gave unaccredited members of this community early access to its token sale – something no other major compliant ICO conducted in the US has managed to do.
"Blockchain technology gives rise to one of the most transformative wealth-creation opportunities of our time. We've been working on solutions to give people of all income brackets fair access for months," said co-founder and CEO Kendrick Nguyen, who served as general counsel at AngelList and is an adviser to CoinList. "Republic Crypto uses a new financing instrument, the Debt Payable by Assets for its future offerings, which provides added consumer protections and is more suitable for retail participants, compared to the SAFT." Republic also has plans to "tokenize" the DPA in partnership with Dharma Labs, which develops a generic protocol for issuing debt agreements as tradable tokens.
With Republic Crypto, Republic aims to bring its mission of financial inclusion to this nascent industry. It has plans to announce new products and services in the coming months. If you're interested in learning more, please visit: https://republic.co/crypto
Interested contributors can join the waitlist at republic.co/props, participate in PROPS' public Token Distribution Event in Q1 2018, and join PROPS' community at http://www.propsproject.com for regular updates.
This does not constitute investment advice. Digital currencies as an asset class are suitable for sophisticated participants with strong knowledge of blockchain technology who can tolerate risk of total loss only. All participants must conduct their own due diligence of each network or proposed network. Token developers may possess material information not known to investors or the public about the network, its implementation and its tokens.