In a recent announcement, Animoca Brands announced its intention to purchase additional PROS tokens from the open market.
Prosper’s utility token, PROS, is designed to bring institutional-grade Bitcoin mining power on-chain. The token offers exposure to the Bitcoin hashrate as well as the broader Bitcoin ecosystem. PROS’ current circulating market cap is $10 million, but the altcoin’s price has surged 76% following the investment news.
Graph showing the rise in PROS price following the announcement.
According to Animoca Brands’ official blog post, the company’s decision demonstrates its belief in Prosper’s new strategic direction. The aim is to increase the utility of the PROS token while further integrating it into the Bitcoin ecosystem. “Animoca Brands’ acquisition of PROS tokens demonstrates our commitment to supporting Prosper’s drive to unlock the potential of Bitcoin, the most decentralized cryptocurrency,” the statement said.
According to the official website, “Prosper’s goal of bridging institutional-grade Bitcoin mining power onto the chain aims to fully maximize Bitcoin’s capabilities and present new opportunities for investors and users across the ecosystem.”
*This is not investment advice.
