TokenSoft Rolls Out Unique Custody Solution Designed for Security Tokens Specifically

TokenSoft has helped other companies with custodial issues already in the past, but now the company is focused on the launch of its own wallet, which will enter in beta testing soon. The product will be named Knox in a reference to Fort Knox, where the U. S. Army stores its gold.

Mason Borda, TokenSoft Co-Founder:

“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.”

He also explained how digital securities differ from cryptos in that they tend to be less decentralized and have built-in restrictions for traders, while digital assets such as Bitcoin suffer from no such restrictions.

Further, digital securities can be asset-backed tokens, representing equity, debt or real estate, as some examples. Borda called the Knox wallet “the first custody solution for digital securities,” adding:

“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.”

In developing Knox with the team, Borda leveraged his pedigree in building institutional grade custody solutions from having worked in the early stages of Goldman-backed BitGo.

The Knox wallet can hold any ERC-20, ERC-1404, DS-20 (Securitize), ST-20 (Polymath) or Harbor’s R tokens. It also will support Bitcoin and Ethereum, though Borda emphasized that the focus would remain on digital securities rather than cryptocurrencies. However, such securities can be built on top of the ethereum, stellar, R3 or Hyperledger blockchain platforms.

Borda said:

“We built Knox for our clients of all types who are launching asset-backed tokens and collectively are planning to place over $1 billion in digital securities on to the blockchain in 2019. As these assets arrive on the blockchain, there should be adequate solutions to secure them.”

Knox incorporates three levels of security: offline cold storage, role-based access control, and cryptographic authentication. They said they are expecting a number of types of enterprises to use Knox Wallet, including exchanges that could use it to manage and administer assets trading on their platform.

Knox further bolsters TokenSoft’s security-first software support for digital assets, giving issuers an enterprise grade tool for managing their securities and cryptocurrencies. Through TokenSoft’s platform, issuers can take actions, such as reducing the number of outstanding shares (or tokens), increasing the number of shares outstanding, or creating a separate class of shares.

Moreover, since it’s an enterprise grade tool, it also gives users the capability to take actions, such as reducing the number of outstanding shares (or tokens), increasing the number of shares outstanding, or creating a separate class of shares.

Along with the Beta version announcement, the company invites those who are interested for a demo to signup. The product itself is currently undergoing a testing phase and will be available in full version on the first quarter 2019.