The new product called Knox Wallet provides cold storage and a self-custody platform for managing multiple assets, including both cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), as well as tokenized assets such as real estate, equity, or debt. The wallet is now undergoing a testing phase, while the general availability launch is set for the first quarter of 2019.
CEO of TokenSoft Mason Borda said that the secure storage of digital assets is of “critical importance given that almost $1 billion of cryptocurrency was stolen by hackers in the first three quarters of 2018 alone.”
A report by cybersecurity company Carbon Black found that roughly $1.1 bln worth of digital currency has been stolen in the first half of 2018. The firm said that criminals take advantage of the dark web to facilitate large-scale cryptocurrency theft, estimating that there are 12,000 marketplaces and 34,000 offerings associated with crypto theft of which hackers can take advantage.
In December, TokenSoft invested in a broker-dealer that is compliant with the United States Securities and Exchange Commission (SEC). The investment purportedly enabled TokenSoft to offer issuers the option to host a token sale themselves or work with a broker-dealer to carry out the sale on their behalf.
Last week, e-commerce giant Overstock.com’s crypto-related subsidiary tZERO launched secondary trading of its security tokens tZERO through securities brokerage account Dinosaur Financial Group, which is set up to act as a broker-dealer.
In mid-January, the Winklevoss brothers, Bitcoin billionaires and the founders of Gemini cryptocurrency exchange, predicted that both tokenized securities and stablecoins will contribute greatly to the evolution of digital currency.