Platform for launching security tokens TokenSoft announced the native integration of the broker-dealer TokenSoft Global Markets, which is regulated by the Securities and Exchange Commission, with Coinbase Custody, the leading custodian platform for institutional clients from the US cryptocurrency company Coinbase.
TokenSoft now offers two custodial solutions to security-token issuers: a digital asset store based on their own development, or a Coinbase Custody solution using a blockchain to prevent the client and custodian from mixing.
In many instances, issuers are looking for someone to manage the security and compliance of custody for them. The current options aren’t fully integrated, use omnibus accounts, and don’t provide the level of data granularity necessary to meet the standards of top accounting firms. Additionally, Coinbase’s approval in one of the strictest jurisdictions, New York, gives everyone a lot of comfort. This new custody relationship will enable our issuers to simply work with one of the most well-known custody platforms in the industry, providing them with security, compliance and peace of mind.
Coinbase Custody Trust Company LLC received approval from the New York State Financial Services Authority (NYDFS) for custodial services in October.
Previously, Coinbase and TokenSoft invested in a startup called Nomics, which intends to index 95% of the data related to cryptocurrency trading.