Cryptocurrency is evolving, perhaps even faster than the world, and it keeps getting better by the day. It is amazing to see what is being achieved with digital assets, even with the challenges that cryptocurrency is facing in terms of mainstream adoption.
Token is an open banking platform that is based in London and San Francisco, and they have been able to raise $16.5 million as funds, from Opera Tech Ventures, which is an extension of a combination of Octopus Ventures, EQT Ventures, and BNP Paribas.
This funding came after the company went into a partnership with payment solutions company MasterCard. Token is making moves to create a form of connectivity protocol to aid the payment processor with the operations of its open banking hub, hence, the platform will assist 3rd parties create and maintain effective communication with traditional banks when dealing with data and payment. This partnership is representative of the fact that this is the first of its kind in open banking, as provided by an infrastructure provider of high repute.
Token Cryptocurrency Features
Token is combining cryptography, open APIs, and programmable money to create different banking applications. According to the company, its ‘modus operandi’ includes assisting banks with the task of aggregating information about client account from different external sources, as well as propagate payments that are bank-direct, and also reduce the cost involved in the acceptance of payment. In addition, an API was created as a tool to provide compliance needed to function with PSD2 obligations, as directed by the regulatory body in the EU.
Toke functions with the aid of SDKs to eliminate the need to store bank or customer details on the site, and it can be integrated into e-commerce sites to give users the opportunity to perform a ‘one-click’ checkout. Furthermore, it collects the spend data of customers.
Similarities to Facebook Libra ?
While the data platform is one achievement, it may interest you to know that Token also has its own cryptocurrency. The token, which is referred to as ‘Token X’, is claimed to be the first stablecoin that was created to facilitate and propagate the execution of instant payments. The token has Ethereum and Stellar as its underlying blockchain technology. However, the token is intended to be ledger agnostic. It is safe to say that the performance of Token X can be likened to that of Facebook’s Libra.
Token X is backed by fiat money in the ratio 1:1, and according to the company, it has been confirmed that the outstanding stable coins match the assets that are contained in escrow. Furthermore, when users perform transactions with Token X, the transactions will get screened for sanctions and AML, and there is a KYC process for users who may be redeeming or purchasing the token.
It may interest you to know that Token was launched in 2015, and is in partnership with more than 4,000 banks, including think Money Group, An Post, Khaleeji Commercial Bank, and Tandem Bank among others.
This latest funding will help with the expansion of Token, and enhance connectivity to banks in different parts of Europe.