Tokensoft announced that it had developed a tool that would help transfer agents abide by the securities requirement. They are creating software to assist banks, trust entities, and other companies to manage tokens easily on behalf of the companies that issues them. According to the CEO of Token soft- Mason Borda, the company incorporated transfer agents in the year 2018. This is when they found out that due to regulatory requirements, transfer agents have specific needs. He said that registered offerings have the need for transfer agents at the back; therefore, the agents are expected to increase as time goes by. They also have the access to admin advantages such as the freezing a token in case it is wrongly issued or the ability to transfer a token to a beneficiary in case the owner passes away.
Token soft is giving its client the accessibility to the software that agents can use to handle token issuances. TokenSoft which is not considered as a transfer agent will be using this tool to support transfer agents.
Jeff Bandman a CEO of one of the transfer agents known as BlockAgent agreed that these agents will take care of issues relating to users' identities matching the wallet addresses. According to TokenSoft CTO- James Pool, this new tool will allow the users identify the approved accredited investors and verify identities. Therefore, this allows transfer agents to manage a secured offering. The new tool can also be used to ban or re-issue token as required.
The head of operations- Lawson Baker pointed out that the new software would allow transfer agents to transfer a token from the original owner to a new buyer. He said that Block agent is currently working with an undisclosed company (issuer) to build a security token offering collaborating with TokenSoft. BlockAgents will later have to develop their regulatory requirements to allow it manage the security tokens over their life cycle.
TokenSoft is in partnership with about two or three other such companies in the United States even though it is not certain that all TokenSoft’s clients will usfre these tools.