On May 3, 2020, Tezos Stable Technologies, Ltd. announced their plan to work with TokenSoft to deliver a secure platform for minting and redeeming Tezos’ first stable coin, USDtz.
USDtz is not just your average stablecoin. It is part of a Decentralized Finance (DeFi) ecosystem that is about to be released in phases on Tezos blockchain. Therefore, USDtz is being launched as a security and will need to be released through a platform that can enforce regulations.
TokenSoft has been a reliable partner to Tezos Stable Technologies, Ltd., having facilitated onboarding for Tezos holders since the days of the Tezos crowdsale.
With this announcement, TokenSoft appears to be aiming to solve a growing challenge in the security token and crypto industry, where the user experience in retrieving and holding digitized assets tends to be complex.
As the institutionalization of security tokens begins to hit mass-appeal, TokenSoft is moving fast to bring Defi ecosystems to the forefront by enhancing security in the holding of digital tokens.
TokenSoft Offering Improved Digital Asset Custody
TokenSoft is introducing an improved user experience in relation to digital asset custody, which has greatly been needed in the digital asset world.
Digital asset custody is a unique challenge as digital keys are inherently challenging to manage, and this has led to numerous cases where individuals have had their keys stolen or hacked. While 3rd party wallet management software does exist to manage the keys, this software can be cumbersome to use.
TokenSoft’s Investment Account provides users with a self-custodied wallet, which allows digital asset owners to have total control over their wallet as opposed to outsourcing to a 3rd party.
Moreover, the company has managed to keep the whole custody experience within the browser by hiding complexity of managing a wallet from the user while maintaining security.
Tezos Blockchain Tech Increasingly Used In Financial Services
TokenSoft had already partnered with Tezos Stable Technologies, Ltd. in 2019, implementing Tezos’ token standard FA-1.2, which enables TokenSoft to issue STO’s on the Tezos blockchain.
TokenSoft is projecting that within the next year, 25–35% of the amount processed via the platform will be on the Tezos blockchain. This prediction is based on users expressing their interest in Tezos as a basis for their tokens, and as well as TokenSoft’s enthusiasm for the technical aspects of Tezos.
Tezos’s platform has been gaining ground. As we had reported on October 30, real estate startup Alliance Investments had partnered with Tezos to develop real estate projects all over Europe with a tokenized fund of £500M.