SEC Gives YouNow's Ethereum Token 'Props' Reg A+ Approval

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The U.S. Securities and Exchange Commission has granted an ethereum-based token a Reg A+ qualification, the startup YouNow said Thursday.

Props is an ethereum-based blockchain token that integrates with streaming platforms like YouNow and XSplit to reward users and creators with tokens.

YouNow - which developed the Props blockchain - announced today that it will begin rewarding content creators with Props for in-app activities that "Drive community engagement." Users will also begin to receive tokens for engaging with the platform.

YouNow will begin by distributing a total of 187 million tokens to users and creators, according to an SEC filing.

At launch each token was valued at $0.1369, according to the filing.

As the platform grows, demand for the tokens may rise, and token holders may earn a profit.

Tokens are transferable between different applications and wallets, though they cannot be exchanged for fiat currencies.

At this point, there are four applications that have integrated with the token network.

The company pre-sold $22 million worth of tokens to investors like Union Square Ventures, Comcast, and Venrock, among others.

The SEC also recently granted the first Reg A+ qualification to a token sale for Blockstack's $28 million offering on CoinList.

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