Security token platform TokenSoft is releasing a tool which could prove fundamental to the security token industry. It is an administrative panel which allows transfer agents to easily build software for companies to manage STOs for their issuers.
Issuing security tokens is only getting easier with TokenSoft’s new release. The security token platform has unveiled a new administrative panel which will transfer agents to better assist security token issuers. The panel will allow these agents to create software aimed at better-integrating STOs with existing banks, trust companies, and other third parties.
Due to regulatory demands, TokenSoft realised this gap in the industry around 2018. As Mason Borda, CEO of TokenSoft, explains:
“They need to have administrative privileges over a token. For example, the ability to freeze a token to cover the case where someone might lose their keys, or where someone might pass away to transfer the token to the beneficial owner. So we’ve been building out a set of features where those can be met.”
The new tool will allow transfer agents to easily verify identity and confirm newsecurity token issuances. Moreover, it will streamline the process by allowing these agents to burn and reissue tokens when needed. Overall, it’s the full package to meet regulatory demands. The whole purpose behind it is that it is able to be configured for each company’s needs.
TokenSoft has been quite active this year. In July, the platform announced full support for security token issuances on Tezos.
Do you believe TokenSoft’s new tool will have a significant impact on the industry? Let us know your thoughts below.
Image courtesy of TokenSoft.