Coinbase partners with TokenSoft to offer custody solutions for security tokens


Coinbase and Tokensoft forms a new Relationship that provides Security Token Issuers custody solutions and enables convenient, institutional grade secure fund management for issuers.

Tokensoft announced Thursday that its clients will now be given the option to choose between the self-custody of their own tokens through TokenSoft’s technology or third-party through Coinbase Custody.

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 peace of mind. 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.

The bigger picture

There’s a lot of benefits that issuers can gain from this that the firm is offering:

Strict Financial Controls
Coinbase Custody controls and safeguards digital assets and currencies under custody at all times while providing capabilities for multiple signers, audit trails, segregation of duties, whitelisting IPs, and the ability to set withdrawal limits.
Operating as a Limited Purpose Trust Company Chartered by New York Department of Financial Services (NYDFS)
Coinbase Custody operates as a trust company in New York State, providing important regulatory clarity that allows compliant storage of more assets and the ability to use more features like staking.
Dedicated Account Representatives and Phone Support
Coinbase Custody has a designated team of account representatives who provide phone support to assist clients in confirming funds transfers, and making changes to accounts.
Multi-User Accounts with Separate Permissions
Coinbase Custody enables users to adjust permissions to view accounts, create internal transfers, and perform withdrawals to specific users, ensuring your entire team can work together.
Multi-Asset Support
Coinbase Custody plans to offer support for all major digital assets, including Bitcoin, Ethereum, Litecoin, and more.
Regular Third-Party Security Audits
Coinbase Custody undergoes regular security audits by external firms to ensure client accounts are secure at all times.

 


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Wilson

Wilson is a 3x Startup Entrepreneur. He is passionate about the cryptocurrency space. You can catch him tweeting about cryptocurrency often @itswilson8 You can also email Wilson directly at wilson@cryptomenow.com

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