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.

MasterCard Partnerships 

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.

Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. Please also visit our Privacy policy; disclaimer; and terms and condition page for further information.

You May Also Like

Personal Documents Belonging To Digitex Users Gets Leaked

It is no news that there are several companies out there that…

Dutch Central Bank Cracking Down, Gives All Crypto Companies 2 Weeks To Register

The Dutch central bank, the De Nederlandsche Bank (DNB), has ordered all…

What Flaws Does Bitcoin Still Have Compared To Gold?

Money is anything that a majority of the population believes can be…

Burning Man 2019 Cryptocurrency Festival: Where Crypto Experts Have A Voice

Photo Credit To Sandhya Ron Via Flickr It is a universal truth…

Mystery dForce Hacker Returns $25 Million In Stolen Crypto

On Sunday, April 19, 2020, Mindao Yang, the founder of dForce, explained…
TokenInsight

Exchange Tokens Valuation Report | August 2020

Exchange Tokens Overview In the cryptocurrency industry, it is always difficult to…
eToro and the TIE q3 market report

eToro Quarterly Report Outlines The Themes Driving Crypto Prices

eToro and The Tie released a Q3 2020 report on the fundamentals…

CEO Of World’s 1st Regulated Blockchain Comments On Fed’s Interest In A Blockchain Based Dollar

Last week, Fed Chairman Jerome Powell spoke with the House Financial Services…

EOS Continues To Lead Crypto Markets In Transaction Values

All major cryptocurrencies have experienced downward price action the last 7 trading…

Despite Decline of Bitcoin, Bakkt Bitcoin Futures Sets New Record Volume

Although the price of Bitcoin dumped below $9000 mark, Bakkt’s physically-settled bitcoin…