Toku, a startup offering cryptocurrency-based solutions to payroll and tax compliance problems, has received a total of $20 million in a funding round led by Blockchain Capital.
Crypto Payroll Startup Toku Raises $20M
The crypto industry has faced many problems since last year. These problems have had negative consequences for both crypto lovers and new crypto startups. Despite these problems in the crypto industry, the new startup has made a good start with the $ 20 million investment it received.
Funding Highlights
The funding round was led by Blockchain Capital, while other investors in the round included Protocol Labs, GMJP, OrangeDAO, Orrick, Reverie, Quantstamp, Next Web Capital, and Alchemy co-founders Nikil Viswanathan and Joe Lau. The company will use the investment to accelerate the development of the platform and scale the platform to the crypto ecosystem. Toku co-founder Ken O’Friel said:
“There are clear laws and regulations around how people get employed and compensated that have been around for hundreds of years. These laws aren’t going away, and organizations need to follow them for the industry to grow. Our vision is to make it simple for organizations, from traditional companies to DAOs, to compensate their employees and contractors with tokens globally.”
Toku Services
The company offers crypto-based solutions to payroll and tax compliance issues. The company also has a service for DAOs called WorkDAO. While the company’s tax compliance solutions cover 100 different countries, names such as Aragon, Astor, Filecoin foundation, and protocol labs stand out in its customer portfolio.
About Toku
The company provides global solutions for token compensation and tax compliance. Toku’s future goals include building an ecosystem that can follow all global laws and regulations in agreement with governments. With platform, users can access payroll, grant administration, disturbed employment, and legal team services.
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