This week, the popular security token issuance platform, TokenSoft announced a major functionality upgrade to its internal wallet system. The new feature dubbed TokenSoft Investment Accounts allows users to self-custody their digital assets. These self-managed wallets provide new capabilities and more control over their traditional counterparts.
Tokensoft Ups the Ante
The new TokenSoft Investment Accounts are meant to give investors a more brokerage-style experience. As such, the new wallets provide seamless access to a number of important actions. For example, dividend distributions and automated reinvestment opportunities are now directly available from the new wallets.
As with all new responsibility comes new security challenges. These concerns are why Tokensoft provides a multi-signature key model for investors that hold over $1 billion in digital assets. Multi-signature wallets are more secure than traditional online crypto wallets because they utilize multiple private keys. Importantly, this style of wallet is preferred for major fund holders because it enables a user to access their funds, even if they lose one of their three keys. Importantly, hackers are unable to access your funds without having multiple private keys simultaneously. In this way, your funds are safe, even if you lose your phone containing a single private key.
TokenSoft Investment Accounts
The new accounts support the most popular compliant security token standards including ERC-1404. According to company documents, the wallets also work with Tezos’ FA1.2 standard. This is a smart approach because Tokensoft works with multiple blockchains. Consequently, the decision to create a universal wallet simplifies the entire UX.
Speaking on the new product, Jordan Davis, VP of Business Development at TokenSoft praised the simplicity the project introduces to the space. He explained that Tokensoft’s goal was to create a non-technical way that would allow individuals to self-custody. He also discussed what the new product could mean for the direction of the entire industry moving forward.
Specifically, Davis touched on how the new product changes the way assets under management models function. He ended his statement explaining how the competition will need to alter their current business model to remain competitive. Notably, he believes that this pressure will result in more firms providing better client servicing, more value-added services, and advanced investment management tools.
Like a Netflix Subscription
Davis compared the new system to a Netflix subscription. Basically, investors can instantly add or remove service providers’ access to their accounts with the click of a button. This is a huge upgrade over the current system which requires an individual to contact their bank directly to accomplish the same tasks.
Mason Borda, CEO of TokenSoft also spoke on the new project. He spoke on the overall excitement felt by his team to finally get the product to the public. Notably, he described the new self-custody feature as an easy to use alternative to the status quo. Additionally, Borda touted the added security the new project brings to the platform. He called the new wallets a “self-controlled, easy to manage brokerage-style experience.”
TokenSoft Investment Accounts
Tokensoft may have nudged out the competition with this latest add-on. The fact that now over 100,000 investors using Tokensoft have access to these advanced features such as integrated reporting is a real game-changer. For now, you can expect the rest of the market to play catch up.