A custodian is an entity (such as a broker-dealer, bank, or transfer agent) that holds securities on behalf of investors, who are the "beneficial owners" of the securities.
This means investors are not the "holder of record" of any shares, convertible notes, SAFEs or other securities they purchase via a custodian. Rather, the custodian is the "holder of record," and holds those securities as a custodian on behalf of investors, who are the "beneficial owners" of the securities. The custodian is the single entity listed on the cap table.
On Wefunder, XX Investments LLC - an SEC-registered transfer agent - acts as custodian for all securities sold on the platform that use the custodian structure. All voting rights of securities are delegated to the Lead Investor, who directs the custodian on how it should vote the investor securities.