TokenSoft has launched the first cold storage custody service that will specifically cater for security tokens. The firm has launched a beta version of the new wallet named Knox (after the U.S. Army post where gold is held) to all its existing customers.
The wallet allows the enterprises to maintain a multi-signature, self-custody system for different cryptocurrencies, as well as digital securities. Knox wallet will have several security features included with the wallet range from providing offline cold storage to allowing multiple owners for authorizing or executing transactions and cryptographic authentication.
“It provides the highest level of security when it comes to storing digital securities, which are newer to the market,” said TokenSoft co-founder Mason Borda. “The digital asset industry’s been comfortable with storing [coins] for the last few years, digital securities are kind of new ground.” added Borda.
The wallet is set to support a variety of tokens including ERC-1404, ERC-20, ST-20, DS-20 or Habour’s R tokens. Notably, it will also support BTC and ETH, but the major focus would be on security tokens rather than digital currencies. “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.” stated Borda.
Though, the Knox wallet was first developed in 2017, but only a selected customers had access to it over the past year. This recent release is “production grade,” even though the service still remains in beta. ‘The wallet will be available more broadly to the general public in the coming months, though there is no timeline for this release just yet.” said Borda.