The US Securities and Exchange Commission has approved the distribution of Props tokens among content creators and users of YouNow for rewards in applications. The license was given in line with the Regulation A+.
The company stated in the media report that tokens will enable users to gain ratings, earn in-app currency Bars to back content creators as well as access premium gifts. Moreover, the users holding Props will also "enjoy the upside potential of owning a financial stake in the network."
"Props is the first consumer-facing crypto token qualified by the SEC," as the report highlights.
It was noted that users have already bought Bars for more than $70 million in total by now.
According to the released information, the initial price for the token was $0.1369, though it can rise on stronger demand.
At the same time, the company noted that tokens cannot be exchanged into fiats, but can be distributed among different wallets and apps.
Props is now supported by four applications.
“Online video content made by independent creators has become massively popular, but still lacks diverse ways for creators to turn their content to a meaningful source of ongoing income...I’ve been working with the Props team as we share a similar vision, to help creators find ways to earn more value off of their passion for making videos,” said top YouTuber and Props investor Casey Neistat
This was the second Regulation A+ approval this week. Earlier, it was reported that Blockstack got a positive determination on its application for the token sale.