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Blockchain compliance firm Tokensoft has applied for a transfer agent to the Securities and Exchange Commission (SEC) in its bid to create an automated investment bank. Called DTAC LLC, the new subsidiary will be acting as a transfer agent for TokenSoft, fulfilling various obligations tied with the position, along with other unconventional tasks.
The SEC has accepted the registration but has yet to provide an approval for the filing. TokenSoft expects the decision to come down within 30 days, CoinDesk reported.
In general, a transfer agent’s role is to maintain the financial records of an investor and monitoring their account balance. It keeps track of transactions, cancels and issues certificates, helps with lost certificates, and several more investor-related tasks.
DTAC’s role
In the crypto scene, a transfer agent could also act as an aid for investors who lost their crypto wallet. TokenSoft CEO Mason Borda said that DTAC will be different since the transfer agent can “manage tokenized securities whose private keys are kept offline, in so-called cold storage.”
Cold storage – also known as cold wallets – simply means that crypto-assets are stored in an environment that isn’t connected to the web. Hardware wallets are the most common cold storage options out there, with Ledger Nano S and Trezor among the most used today.
All of this stems from TokenSoft’s desire to create a new version of Wall Street underwriters through its services and registration channels of DTAC.
“We’re building all the things you need for an automated investment bank DTAC can help companies go straight to IPO by managing shares on the blockchain. We do have all the pieces necessary,” Borda said.
TokenSoft making more maneuvers
The transfer agent filing comes in the wake of TokenSoft launching CommerceBlock, a blockchain-based platform that enables the distribution, exchange, and storage of tokenized assets and securities. Borda said that this infrastructure will give issuers the necessary tools to move in the crypto space more easily.
“The CommerceBlock solution provides issuers the ability to deploy a permissioned chain while leveraging Bitcoin’s proven technology stack. This provides issuers with the full control they need to meet their regulatory requirements as well as the scale they need to meet today’s market demands,” Borda said.
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