HashPort, Tokensoft inks pact to support Security Token Market in Japan

by | Jan 21, 2021 | Industry, Token | 0 comments

Tokyo-based HashPort Inc has announced that it has entered into a Strategic Partnership with Tokensoft Inc to expand into the Security Token market in Japan.

The joint services will bring to the market security token infrastructure that services enterprises, asset managers, and financial institutions.

In the US, Tokensoft provides services to issuers of private or public offerings seeking to issue and manage securities on the blockchain, and provide secondary liquidity options to the investors.

Tokensoft’s platform is designed to meet these complex and evolving reporting and technology requirements. In the US, Tokensoft works with EY on tax matters.

With investors from over 50 countries, Tokensoft platform has raised or managed over USD $1 billion.

Commenting on the strategic partnership with Tokensoft, HashPort Inc. Founder Seihaku Yoshida said, “I believe that Tokensoft’s US security token technology and know-how can be put to use in the Japanese market. In the Japanese security token market, which is expected to grow rapidly in the future, The Tokensoft-HashPort Alliance will provide highly secure security token solutions optimized to Japanese laws and regulations with world-class experiences and reliability. We will make every effort to develop security token market blooming in Japan with our Partnership.”

HashPort is expanding its business as a solution provider that supports social applications of blockchain, with the mission of “Innovating Japan with blockchain technology.

Speaking on this development, Tokensoft, Inc. Chief Executive Officer Mason Borda said, “The Japanese market continues to hold a high bar with respect to regulatory compliance and cybersecurity. Our technology has brought to market the first cold storage, multi-signature solution for the administration of security tokens and continues to serve the highest value assets in the security token market. This strategic partnership brings our commitment to cybersecurity and regulatory compliance in security tokens to the Japanese market.”

In June last year, the company rolled out what it describes as the first cold-storage custody service designed specifically for security tokens.

Tokensoft, which also supports other firms run legally-compliant token sales and has also invested  and launched its wallet, Knox for its existing and future customers. The wallet allows enterprises to maintain a multi-signature, self-custody system for different cryptocurrencies, as well as digital securities.

Speaking on this, Borda said that the wallet provides the highest level of security when it comes to … storing digital securities, which [are] newer to the market. The digital asset industry’s been comfortable with storing [coins] for the last few years, digital securities are kind of new ground.

Digital securities differ from cryptocurrencies in that they tend to be less decentralized and have built-in restrictions for traders, Borda explained, while digital assets such as bitcoin suffer from no such restrictions.

The company provides new token listing services and consulting services to Japanese companies including cryptocurrency exchange companies. The company also offers accelerator programs in Japan to support development of blockchain projects that are recommended from major overseas crypto funds.

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