Coinbase Custody to Include Reg A+ Certified Props Token by YouNow
Coinbase Custody has recently announced the addition of a new token to its list. The token is Props, a Reg A+ certified crypto which was created by YouNow. Now, the institutional wing of Coinbase is set to provide the option of cold storage for people who want to hold Props tokens.
According to the press release, these tokens were designed by the developers of YouNow and they can be used to reward the content creators and the users of the platform. In addition to the listing, it was also revealed that Coinbase was set to act as the new wallet for YouNow, which was lacking a dedicated wallet until now.
As YouNow currently has over 47 million users, the integration with this giant of the crypto market is set to be very beneficial for both the companies. Props are, partly, an interesting token because of its unique Reg A+ registration, which allows investors to be focusing on a product that is fully regulated.
The co-founder of the token, Yonatan Sela, has spoken to the crypto media outlet Coindesk recently and affirmed that around 230,000 people are currently using the token since its launch last month. Most of them are using it on the YouNow platform of on Xsplit, which is a game streaming platform that also supports the technology.
According to the co-founder, content creation skyrocketed in YouNow after the token was launched. He was not at liberty to disclose any numbers at the moment, but the increase was in “double digits”, meaning it was over 10% in a month.
Launching the token was really not easy, though. It took a year. It was not easy to solve all the regulatory hurdles in order to make the token a reality. For instance, the Props token is a full utility token, as it cannot be legally exchanged back to fiat currency and is bound to its specific purpose.
Sam McIngvale, the CEO of Coinbase Custody, talked about listing the asset. According to him, this will be good for the token holders as they will have a way to shield their tokens with a trusted custodian that will provide insured protection.
He also affirmed that, right now, no other platform is offering what Coinbase is. The safety provided by the company is, according to him, unmatched in the industry. Also, it will be the only cold storage option in the market at the moment, really.
Back in 2017, several large investors bought Props tokens during a pre-sale which had companies such as Comcast, Union Square Ventures and Coinfund. With so many institutional investors using the token, having a partnership with Coinbase is set to be a good strategy.