TokenSoft has just announced the beta release of their own custody service for security token holders. The custodial service is the first of its kind for legally-compliant security tokens and will be available on mobile devices.
TokenSoft has been a company heavily involved in pushing forward legally-compliant token sales. Recently acquiring a majority stake in a SEC-registered broker-dealer, they are quickly positioning themselves as one of the most prominent leaders in the space. Although the project announced last month they they were integrating with Coinbase Custody, it seems they have now taken this a step further with the unveiling of their own in-house custodial service.
The security token custody service will be done through an app TokenSoft created called “Knox.” Named after the U.S. government vault where gold is stored, the beta wallet features multi-signature, identity verification, and allows for the compliant storing of security tokens.
The wallet was necessary due to the unique restrictions placed on security tokens compared to other cryptocurrencies.
Mason Borda, CEO of TokenSoft, commented on the announcement saying that custodial services are a necessary, often-overlooked component of the security token ecosystem. He said:
“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.”
The Knox wallet will support virtually all the token standards currently on the market for digital securities. These include the ERC-20, the ERC-1404, the DS-20 from Securitize, the ST-20 from Polymath, and Harbor’s R tokens. Bitcoin can also be stored via the wallet.
First developed in 2017, Knox has undergone much development with various users having access to it for the past year. Now, with the release of its beta version, security token investors finally have a secure means of holding their digital assets.
The wallet will be available to the public at large “in the coming months” according to TokenSoft.
What do you think of the Knox wallet? Are dedicated custodial services necessary for a vibrant security token space? Let us know your thoughts in the comments.
Image courtesy of TokenSoft.