Coinbase Custody to List YouNow's Props Token

Coinbase Custody announced the addition of the recently Reg A+ certified Props token to its custodial listings.

The institutionally-weighted, and independently-funded custodial wing of Coinbase will provide cold storage as well as a wallet for holders of Props.

"This wallet has a tighter integration with the YouNow app, which makes for a smooth UX when using Props," according to a company statement.

Yonatan Sela, Co-founder of Props, told CoinDesk that since launching earlier this month, more than 230,000 individuals have acquired Props through engaging with either YouNow or the game-streaming platform XSplit.

As part of the regulatory arrangement, which took approximately a year to sort out, Props are fully transferable between participating wallets and platforms, but cannot be exchanged for fiat currency.

In this sense, Props function as a utility token, bound to its specific purpose.

Through the Coinbase Custody listing, the institutional investors and major content creators that hold Props will be able to shield their funds with an industry-recognized custodian.

"No other platform can offer the safety and protection of our technology and comprehensive insurance. But more than that, for projects like Props where network participation and validators are critical to the chain's operation, Coinbase Custody offers the only option that allows for both the secure cold storage of assets and the ability to interact with the network."

Sela noted in 2017, Props pre-sold $2.2 million tokens to such investors, who "Have received the tokens, and have meaningfully exposure." He said these holders include Union Square Ventures, Comcast, and Coinfund.

Though the token has attracted a number of institutional investors, Sela also stressed the amount of holders who first came to cryptocurrencies through being rewarded with Props.