New Cryptocurrency Cold Storage Services Focused On Securities Announced by TokenSoft
A new crypto custody solution is entering the market now as TokenSoft has decided to launch a new cold storage custodial service that was designed with a focus on security tokens and claims to be the first of its kind in the market.
TokenSoft has helped other companies with custodial issues before, but now the company is focused on the launch of its own wallet now, 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.
The idea of this new product is to provide a cold custody service for securities that will have some options like multi-signature, a self-custody system that will work with a number of different currencies, etc.
According to the TokenSoft co-founder Mason Borda, the new product will provide a very high level of security for the clients, especially when protecting their security tokens. He believes that securities can be considered to be a “new ground” in the industry, while other tokens have been held in storage for years, these ones have special capabilities and differences which are very important.
For instance, a digital security token will be considerably less decentralized than Bitcoin or other mainstream cryptocurrencies. This can make them have built-in restrictions in order to sell them. They can also be backed by real-life assets that can represent equities or real estate, for instance. This has to be taken into account, in Borda’s opinion.
Also, he called Knox the first custody solution specially designed for digital securities and affirmed that the industry has ignored this market for too long, which makes now the best time to start to work on it.
An All-In-One Crypto Wallet
If you think that Know will only hold securities, though, you could not be more mistaken. The idea is to support a range of tokens which can be popular choices like Bitcoin (BTC) and Ether (ETH), as well as some standards like ERC20, ERC1404, ST-20 (Polymath) and DS-20 (securitize), as well as Harbor’s R tokens.
The main focus will definitely be on securities instead of cryptos, which makes sense as this is the great differential of the wallet, however, it is always a good idea to store your assets in similar wallets, so there is support for cryptos, too, and securities that are built on top of the most popular blockchain platforms.
According to Borda, investors often want to have easy ways to manipulate Bitcoin, so there is no reason not to cater to these investors at the same time that the company is mainly focused on securities as its primary market for this new product.
Know started its development in 2017 and some beta users had access to it last year, but only now people will fully be able to use all the features of this creative new wallet project.