SAN FRANCISCO, Aug. 27, 2019 /PRNewswire/ -- TokenSoft, Inc., a leading security token issuance and management platform, today announced an upgrade enabling the acceptance of stablecoins approved by regulators like the New York Departments of Financial Services like the Gemini Dollar (GUSD), USD Coin (USDC) and Paxos Standard (PAX). TokenSoft's issuance clients will be able to accept stablecoins as a form of payment in exchange for a sale of their security on our Platform and Knox Wallet.
TokenSoft is excited to enable modern forms of payment:
- NYDFS Approval — The NYDFS is the leading regulator in the blockchain space having implemented Bitlicense in 2014, and has proven the ability to understand the technology, cybersecurity risks and to carry a conservative approach when reviewing and approving blockchain-based solutions.
- Trusted Names — GUSD, USDC, and PAX are backed by trusted names in the blockchain space, such as Gemini, Coinbase and Paxos. These companies have provided stability and trust to the blockchain space since inception.
- Proven Track Record — To date, almost one million transfers in over 80 thousand addresses have been made, showing sufficient market interest and maturity in the underlying stablecoin technology.
The TokenSoft platform, along with the use of Knox Wallet can enable issuers to perform the following and more:
- Accept Stablecoin Payments — The TokenSoft platform enables issuing clients to accept payment in GUSD, USDC and PAX into their Knox Wallet cold-storage, multi-signature wallets which are fully under their control.
- Meet Big Four Standards — TokenSoft clients frequently work with the Big Four auditors. The TokenSoft platform, Knox Wallet, and its platform smart contracts are designed to meet the strictest auditor requirements.
- Enhanced AML Monitoring — NYDFS stablecoins are freely transferable. Although stablecoins can be frozen by the issuer, the open transferability mechanism makes it challenging to operate with a high level of compliance. The TokenSoft platform enables its clients to run Know Your Transaction ("KYT") checks on each transaction to enable a higher level of compliance with regulatory requirements.
TokenSoft is proud to continue providing technology at the intersection of blockchain and securities laws. Providing stablecoin support for our issuers and their investors adds another layer of financial infrastructure to the fast-moving and innovative space surrounding blockchain technology. If you want to learn more, please contact us here.
TokenSoft offers institutional-grade compliance solutions for blockchain-based securities. TokenSoft helps clients launch and manage asset-backed tokens and digital securities on the blockchain in a compliant and secure manner, regardless of jurisdiction. The TokenSoft process and suite of solutions cover the entire lifecycle of a digital asset, including onboarding, issuance, custody, and ongoing administration.
SOURCE TokenSoft, Inc.