Crypto Exchange Coinbase’s Custodial Service Adds Support For SEC-Qualified Props Tokenbr>
Launched in 2018, Coinbase Custody offers clients access to the secure, institutional-grade offline storage solution that has been used by Coinbase’s exchange business since 2012. Coinbase Custody has been approved by the New York State Department of Financial Services (NYDFS) as a qualified custodian firm for cryptocurrencies. It services a range of customers including institutions, hedge funds, initial coin offerings (ICO) and cryptocurrency exchanges.
The Props Token is the underlying cryptocurrency of the Props Network, an open-source project intended to tokenize the digital economy. Since launch, Props Tokens have been earned daily and grant exclusive in-app benefits to users on YouNow, which provides an application that enables users to broadcast and express themselves in front of a live audience.
The partnership will see Coinbase Custody provide cold storage as well as a wallet for Props Token holders. All digital assets with Coinbase Custody are segregated and covered by the company’s insurance policies.
“While any wallet can be connected to a YouNow and future Props Apps, Coinbase Wallet is the default wallet offered by YouNow to users, enabling anyone to store their Props Tokens,” Props said in a press release. “This wallet has a tighter integration with the YouNow app, which makes for a smooth UX when using Props.”
Sam McIngvale, CEO of Coinbase Custody, said that Props offers interesting use cases for the mainstream consumer adoption of crypto.
“As more real-world use cases like this mature and start building global communities, Coinbase Custody aims to be their custodian of choice,” said McIngvale. “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.”
Yonatan Sela, Co-founder of Props, said that their partnership with Coinbase Custody is another important step as they strive to build one of the largest and most trusted consumer-focused token networks, and drive value back to those users that actually help digital networks grow.
“Coinbase’s reputation precedes it, and we’re proud to work with them to provide best-in-class asset security for Props community members,” Sela said.