TokenSoft partners with Coinbase to offer custody solutions for security tokens

TokenSoft, a security token issuance platform, is partnering with Coinbase to provide custody services for its clients. The firm 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,” said Mason Borda, CEO of TokenSoft. “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," he added.

According to TokenSoft, while Coinbase Custody's services are typically reserved for institutions with over $10M in assets, "most" of its clients will be able to access it.