Ethereum’s ERC-1404 Included in SEC Filings
SAN FRANCISCO, Oct. 23, 2019 /PRNewswire/ -- TokenSoft, the leading platform for financial institutions issuing securities on the blockchain, is proud to announce the ERC-1404 token standard is seeing broad adoption by security token issuers and the financial industry.
Ethereum’s ERC-1404 is a “simple restricted token standard” for securities and other assets with compliance restrictions on the blockchain. This standard was first proposed in September 2018 by TokenSoft and other blockchain developers to encourage the community to reach consensus on the functionality of restricted tokens representing assets like securities.
“Creating a standard for security tokens that made sense to developers, our customers, and their counsel was incredibly important to our tech team. We worked with issuers, exchanges, and their legal counsel to make sure ERC-1404 met their regulatory needs,” said James Poole, Co-founder and CTO of TokenSoft.
Some indicators the financial industry is adopting ERC-1404 include:
TokenSoft clients offering securities internationally may use the ERC-1404 standard to prevent the flow back of tokens originally sold to investors under Regulation S into the U.S.
“Our legal counsel is really excited about the features of the ERC-1404, specifically its ability to help manage the flow and transfers of tokens. They expect many clients to start exploring options like this in the current regulatory climate,” stated Thane Tokerud, the financial controller at Suku, a blockchain-powered supply chain management solution.
To learn more about ERC-1404 token standard, view the repository, or contribute to the standard, visit https://erc1404.org/.
TokenSoft is the leading platform for issuing security tokens and other compliant assets on the blockchain for financial institutions. From Swiss banks to IPOs, our suite of technology supports the full lifecycle of securities including onboarding, distribution, custody, and ongoing token administration.
A press kit for TokenSoft and ERC-1404 can be found here.
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SOURCE TokenSoft, Inc.