TokenSoft Rolls Out Crypto Custody Service Specifically For Security Tokens

TokenSoft announces its first cold-storage custody service which is said to develop and designed specifically for security tokens.

TokenSoft is the firm that helps various companies to run token sales compliant legally. Recently they have also invested in a broker-dealer, establishing a beta version of the wallet to every ongoing and future client.

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Knox lets the enterprises to maintain and control a self-custody, multi-signature system for variant cryptocurrencies and digital securities as a whole. According to the co-founder at TokenSoft, Mason Borda,

It provides the highest level of security when it comes to … storing digital securities, which [are] newer to the market. The digital asset industry’s been comfortable with storing [coins] for the last few years; digital securities are kind of new ground.

Moreover, Borda explains, digital securities vary from digital coins in which they tend to be quite decentralized. Additionally, they consist of built-in restrictions for traders, while digital assets like bitcoin have no such restrictions.

Furthermore, digital securities might be asset working tokens which represent debt, equity, or real estate. Also, Borda resembles the Knox wallet as a first custody solution specifically for digital securities. He also adds:

I think it’s a key piece of infrastructure that the industry has ignored up until now, and this puts it on the map as a key piece of infrastructure that’s necessary to service digital securities.

Currently, this Knox wallet includes ERC-20, DS-20 (Securitize), ERC-1404, ST-20 (Polymath) and Harbor’s R tokens. Moreover, it will also support Bitcoin and Ether. However, Borda is focusing on digital securities rather than cryptocurrencies; as such securities are live on the Ethereum, R3, stellar, or Hyperledger blockchain platforms. According to him,

What we hear a lot is that it’s very easy to use and [investors] wish that they could also manage their bitcoin like this, and so that’s why we rolled in support for additional digital assets, though that’s not the focus for the product.

The distinct security features this wallet offers are

  • Offline cold storage
  • Allow multiple owners to authenticate or execute transactions
  • Cryptographic authentication

Since 2017, the Knox wallet is working with selective customers holding access to its platform over the past year. This news release seems “production grade,” however, this service still pertains to be in beta. This wallet is accessible more widely regarding the general public within the coming months, as the timeline did not reveal  about this release.

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Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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