US Blockchain Firm Announces Knox Custody for Digital Securities
TokenSoft, Inc., the leading technology and security platform for companies seeking to use digital assets as a growth strategy, today announced the beta availability of its new Knox Wallet, a mobile-first, secure cold storage, self-custody system for enterprises managing digital securities and digital assets. Knox combines institutional grade methods of storage for multiple assets with a mobile-first sensibility and an easy to use interface to safely store assets. Knox is designed for issuers who are issuing asset backed tokens on the blockchain like equity, debt, or real estate. It can also hold digital assets such as Bitcoin and Ethereum. Exchanges may want to use it to administer issued securities that are trading on their platform.
The TokenSoft team designed the new Knox Wallet to provide a better user experience than other available options and to address security risks commonly associated with digital assets and digital securities.
“As real-world assets enter the blockchain world, it’s important to protect them with the same level of security we treat traditional digital assets,” said Mason Borda, CEO, TokenSoft. “We see this of critical importance given that almost $1 billion of cryptocurrency was stolen by hackers in the first three quarters of 2018 alone.”1
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. “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,” said Borda.
Knox incorporates three levels of security: offline cold storage, role-based access control, and cryptographic authentication. We expect 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.