New The Investigation — How Tokensoft survived two years under SEC scrutiny Read →
Home Work Background Writing Press Podcasts Newsletter
Engineer · Founder · Builder

Mason
Borda.

A decade building compliant financial infrastructure on the blockchain. Inventor of ERC-1404. Founder of Tokensoft — the platform behind the first SEC-registered security token IPO in history, powering over $1 billion in token offerings across 100+ projects worldwide.

Work
Tokensoft
The market-leading platform for compliant security token issuance. Powered over $1 billion in offerings across 100+ projects in 50+ countries. Behind the first SEC-registered security token IPO in history. Invented ERC-1404 — the token standard for SEC-compliant blockchain securities. Zero security breaches or regulatory enforcement actions in eight years of operation.
2017 – 2025
SoftDAO
Community governance protocol launched by Tokensoft on September 9, 2022 — the company's fifth anniversary — to support the development of high-integrity blockchain protocols. The SOFT token gave the community a direct stake in the future of compliant token infrastructure.
Launched 2022
Wrapped
Created wrapped.com — a joint initiative with Anchorage to bring major cryptocurrencies to Ethereum DeFi with institutional-grade custody. Launched Wrapped Zcash (wZEC) as the platform's first asset, followed by wXRP, wBTC, wETH and more. Covered by CoinDesk, Forbes, Nasdaq, and Decrypt.
wrapped.com
Knox Wallet
The first cold storage custody solution purpose-built for registered and exempt securities. A mobile-first, multi-signature self-custody wallet designed specifically to meet the compliance requirements of digital securities — a first for the industry.
First of its kind · 2019
BitGo
Early engineer at BitGo (2013–2017). Built the first commercially viable Ethereum custody solution. Co-created Ether.li — the first Ethereum multi-signature web wallet. Also architected custody infrastructure for the Royal Mint of England's blockchain gold project.
2013 – 2017
Payroll Integrations
Co-founded in 2014. Payroll data infrastructure now serving clients representing 14% of the U.S. 401(k) market.
Co-founded 2014
Writing
The Masonic
"I know too much about regulations and the blockchain. Follow along to learn more."
How I Preordered a Tesla Model 3 With Bitcoin
In 2016, I paid 2.41 BTC for a Tesla Model 3 reservation — before most people had heard of either. The story of that transaction became one of the early data points people pointed to when asking whether Bitcoin could actually function as money. Written for CoinDesk. Later cited by Reuters, CNBC, and CNET when Tesla announced Bitcoin payments in 2021.
Buying a Tesla Model 3 With Bitcoin Is Now Even Easier
A follow-up on what changed between 2016 and 2017 — and what it revealed about how far Bitcoin had come as a medium of exchange. The infrastructure got better. The friction was still real. The point was worth making.
Background
2008
Boeing & Space Systems/Loral
Electrical engineer. Worked on aerospace systems after graduating from Cal Poly San Luis Obispo (BS) and Santa Clara University (MS, Electrical Engineering).
2013
BitGo — First Ethereum Custody
Entered crypto. Built the first commercially viable Ethereum custody solution. Co-created Ether.li — the first Ethereum multi-signature web wallet — with Ben Chan and Barath Chandrashekar. Also architected custody infrastructure for the Royal Mint of England's blockchain project.
2016
Bought a Tesla with Bitcoin
Pre-ordered a Tesla Model 3 using Bitcoin via Shakepay — paying 2.41 BTC (~$1,000 at the time) for the reservation. Covered by Reuters, CNBC, CNET, and others as one of the earliest real-world Bitcoin purchases of its kind.
2014
Co-founded Payroll Integrations
Co-founded Payroll Integrations, which today serves clients representing 14% of the U.S. 401(k) market.
2017
Founded Tokensoft
Founded Tokensoft the week the SEC issued its first blockchain securities guidance. First customers launched September 9, 2017 — the same day as incorporation. Invented ERC-1404, the token standard for SEC-compliant blockchain securities.
2019
SEC Transfer Agent Registration
Tokensoft secured SEC registration as a transfer agent through subsidiary DTAC LLC — building toward the vision of an "automated investment bank" on the blockchain. Launched Knox Wallet, the first cold storage custody solution built specifically for registered and exempt securities. Partnerships with Coinbase Custody, Anchorage, tZERO, and SEBA Bank.
2020
Historic Firsts — ArCoin & INX IPO
Led the first Ethereum-native investment fund registered under the '40 Act with the SEC (ArCoin). Led the first SEC-registered security token IPO in history (INX, ~$85M raised on Ethereum). Featured in CoinDesk and Forbes.
2021
Created wrapped.com
Co-created wrapped.com with Anchorage — launching Wrapped Zcash (wZEC) as the first asset on the platform, bringing major cryptocurrencies to Ethereum DeFi with institutional-grade custody. Followed by wXRP, wBTC, wETH, and cross-chain expansion to Kadena and beyond.
2022
INX Acquires Tokensoft Transfer Agent; SoftDAO Launches
INX acquired Tokensoft's transfer agent subsidiary (DTAC/TTA) in January 2022, deepening the partnership forged during the historic INX IPO. Tokensoft then launched SoftDAO on September 9th — the company's fifth anniversary — as a community governance protocol to support high-integrity blockchain protocols.
2025
Tokensoft Dissolves After Eight Years
After eight years building compliant infrastructure for over 100 token projects and processing over one million unique users, Tokensoft formally dissolved in July 2025. The Shardeum public token sale in March 2025 was among the company's final major deployments.
Press
The Masonic (Substack) · 2025
The Investigation — How Tokensoft Survived Two Years Under SEC Scrutiny
"October 31, 2019. Halloween. I was dressed as an SEC enforcement officer. My lawyer calls with the best news of my life: 'The SEC is closing the investigation. No enforcement action. And Mason — they want you to know they were complimentary of you.'" — Mason Borda recounts how building Tokensoft right from day one — flat fees, no promotion, no solicitation — kept the company out of trouble while every competitor was getting subpoenas.
Read on The Masonic →
CryptoSlate · March 2025
Shardeum Announces Token Sale in Partnership with Tokensoft Ahead of Mainnet
"We're excited to support Shardeum in its token sale, providing secure and compliant infrastructure to ensure a fair, decentralized, and transparent distribution." — Mason Borda, CEO, Tokensoft. One of Tokensoft's final major deployments: the Shardeum public token sale, serving over 1.4 million community members across 50+ countries via Tokensoft's KYC and compliance infrastructure.
Read on CryptoSlate →
CoinDesk · January 2022
INX Continues Spending Spree With Tokensoft Transfer Agent Acquisition
INX acquired Tokensoft's transfer agent subsidiary (TTA/DTAC), making INX one of a handful of crypto companies able to issue, list, and trade securities under one roof. "We think we have a structure to scale up to hundreds of more assets in 2022," Borda said. The acquisition deepened the partnership forged during the historic INX IPO.
Read on CoinDesk →
CryptoSlate · September 2023
1 Million Registrations
Tokensoft's Connext NEXT token distribution set a platform record — 1 million registrations in under a month, peaking at 30,000 per hour. One of the largest token distributions in crypto history, surpassing Tokensoft's previous record set during the Synthetix campaign in 2017.
Read on CryptoSlate →
Forbes · August 2020
Anchorage Is Blurring The Lines Between Crypto And Wall Street
"In traditional brokerage accounts, when a share is purchased by an investor, that share is placed into custody. This user experience has eluded the blockchain space until today."
Read on Forbes →
CoinDesk · July 2020
605 Days Later: How ArCoins Got the SEC Go-Ahead as an Ethereum-Traded Treasurys Fund
Mason Borda and Tokensoft architected the first Ethereum blockchain-native investment fund to receive SEC approval — a 605-day campaign that required direct engagement with regulators and the development of new compliance infrastructure from scratch.
Read on CoinDesk →
CoinDesk · December 2019
TokenSoft Scores Transfer Agent Registration to Build 'Automated Investment Bank'
"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."
Read on CoinDesk →
CoinDesk · September 2020
How to Watch INX's IPO in Real Time on the Ethereum Blockchain
Tokensoft provided the infrastructure for the first-ever SEC-registered security token IPO — raising over $85M on the Ethereum blockchain in a landmark moment for regulated digital assets.
Read on CoinDesk →
Reuters · February 2021
Can you buy a Tesla with bitcoin? How the payments might work
"One digital currency enthusiast, Mason Borda, told Reuters he bought a Tesla Model 3 in 2016 using bitcoin through a company called Shakepay." Also covered by CNBC, CNET, and Rolling Stone India as one of the earliest real-world Bitcoin purchases on record.
Read on Reuters →
CNBC · December 2017
Here's how you can — and can't — spend bitcoin
CNBC cited Mason Borda, CEO of TokenSoft, as one of the first people to purchase a Tesla Model 3 with Bitcoin — a story that became emblematic of Bitcoin's real-world utility.
Read on CNBC →
PR Newswire · January 2019
Announcing Knox Custody for Digital Securities
Tokensoft launched the first cold storage custody solution purpose-built for digital securities — Knox Wallet — a mobile-first, multi-signature self-custody product designed to meet the compliance requirements of registered and exempt securities. A first for the industry.
Read on PR Newswire →
CoinDesk · October 2020
Privacy Coin Zcash Makes Its Ethereum 'Wrapped' Debut with Tokensoft and Anchorage
"WZEC is the first asset to be launched by 'Wrapped,' a partnership between Ethereum tokenizers Tokensoft and qualified custodian Anchorage." Also covered by Forbes, Nasdaq, Decrypt, and Crypto Briefing.
Read on CoinDesk →
CoinDesk · October 2021
XRP Gets Wrapped by Tokensoft for Ethereum DeFi Debut
Tokensoft launched Wrapped XRP (wXRP), bringing XRP liquidity to Ethereum DeFi via a multi-custodial approach in partnership with Hex Trust.
Read on CoinDesk →
Newsletter

Thoughts on Finance, Infrastructure & Crypto

Occasional writing on tokenization, AI infrastructure, and what's actually happening at the frontier of financial technology.