BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
SUBSCRIBE
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result
Home Business

Crypto Payroll Startup Toku, Raises $20 Million Led by Blockchain Capital

BlockNews Team by BlockNews Team
March 10, 2023
in Business, Crypto, Media, Technology
Reading Time: 4 mins read
A A
toku payroll
1
SHARES
12
VIEWS
Share on TwitterShare on Reddit
  • Toku, a token-based payroll and tax compliance project, raised $20 million in a funding round led by Blockchain Capital to accelerate global expansion and scale the platform.
  •  An increasing number of large firms pay their employees in tokens, which creates an opportunity for the specialized compliance and payroll startup Toku.

Toku, a startup specializing in token-based payroll and tax compliance, has raised $20 million in funding. The company’s unique approach is intended to help crypto businesses maintain regulatory compliance despite increased regulatory scrutiny. Toku aims to provide a much-needed helping hand to the crypto industry during these uncertain times with innovative solutions.

You might also like

Around The Block – MAR 24 Week in News

Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption

UK to Mandate Declaration of Crypto Holdings in Tax Forms

According to the press release, Blockchain Capital led the initial round, with participation from GMJP, OrangeDAO, Reverie, Quantstamp, Next Web Capital, angel investors like Cameron and Tyler Winklevoss, law firm Orrick, Protocol Labs founders, and infrastructure firm Alchemy.

According to the company, the investment will help Toku’s global expansion.

Former equities trader Ken O’Friel, based in Japan, cofounded Toku with veteran banker Dominika Stobiecka to assist crypto companies in complying with a slew of international tax regulations and obligations regarding crypto-based salaries.

According to Fortune, O’Friel noted that during the early-2022 bull market, most crypto companies did not prioritize compliance. But that was about to change quickly after the FTX collapse, which focused the global regulatory spotlight squarely on the crypto sector.

O’Friel also stated that compliance was not a top priority for many crypto companies during the early stages of the 2022 bull market. However, the recent failure of FTX and the resulting increase in regulatory scrutiny have pushed compliance to the forefront of the industry’s concerns. As a result, many cryptocurrency companies have made compliance a top priority.

“We realized the hardest part isn’t the tokenomics or the software, but rather how to follow the law.” Stated O’Friel

The company’s Co-founder stated that the startup had developed a system to track tax laws and regulations affecting cryptocurrency in dozens of countries. It has about 30 clients, most of whom are “law firms” and decentralized autonomous organizations (DAOs), including Filecoin foundation, Gitcoin, Aragon Astar, Protocol Labs, PleasrDAO, Teller, Safe, Hedera Hashgrapth, Storyverse, and others. 

According to the report, “Toku intends to attract clients from the venture capital industry as well in the coming year.”

Meanwhile, Toku co-founder Stobiecka brings experience from her time at the Federal Reserve Bank of Chicago, the European Central Bank, the Deutsche Bank, and DAOs. She met O’Friel, in Tokyo, and Michael Carter, gaming CEO, who also serves as the Chairman of Toku’s board, joined the two of them.

To build Toku’s platform, launched in 2021, the co-founders had to review the tax laws of more than 100 countries, according to O’Friel, which resulted in a “huge legal bill” that he claims will “put the startup in a position to be the leader in the still-emerging field of token-based compensation.

Toku’s Service Offerings

Toku’s suite of services includes token-based payroll, token-based grant administration, employment and tax compliance, and WorkDAO, which the company describes as a set of employment and compensation services tailored to the needs of DAOs.

According to the press release, Christoph Simmchen, co-founder of Gnosis Safe, “we needed a partner that understands token payroll and token grant administration in different countries,” and that “Toku’s services allow each contributor to focus on their tasks while knowing their compensation is handled compliantly.”

O’Friel also stated, “There are clear laws and regulations around how people are employed and compensated that have been around for hundreds of years. These laws aren’t going away, and organizations must follow them for the industry to grow. 

Our vision is to make it simple for organizations, from traditional corporations to decentralized autonomous organizations (DAOs), to compensate their employees and contractors with tokens globally.”

Tags: BlockchainBusinesscryptoCrypto PayrollToku
TweetShareShare

Recommended For You

Around The Block – MAR 24 Week in News

by BlockNews Team
March 24, 2023
0
Around the Block

Introduction In this recap of the crypto world, we will explore the events and news that had the most significant impact in the past week of March 20th....

Read more

Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption

by BlockNews Team
March 24, 2023
0
quicknode

QuickNode is leading the charge as Web3 is poised to revolutionize the world, but it needs its "WordPress moment" to accelerate positive disruption. Blockchain technology can upend manual-intensive...

Read more

UK to Mandate Declaration of Crypto Holdings in Tax Forms

by BlockNews Team
March 24, 2023
0
parliment

The government hopes to close regulatory gaps and stop illegal operations by enacting rules that address various parts of the industry. The requirement to disclose cryptocurrency holdings in...

Read more

The Fed Increases Interest Rates By 25 Basis Points- Impact On Crypto Prices

by BlockNews Team
March 24, 2023
0
The Fed Increases Interest Rates By 25 Basis Points- Impact On Crypto Prices

Crypto prices display rapid fluctuations as the U.S. Federal Reserve hikes interest rates by 0.25%. Investors remain upbeat about the medium-term outlook of Bitcoin and the wider crypto...

Read more

Telegram Enables USDT Stablecoin Payments on the Tron Network

by BlockNews Team
March 24, 2023
0
Telegram

Telegram integrates USDT-TRON (TRC20) into its platform, allowing users to send the stablecoin to their contacts seamlessly and without transaction fees. Telegram's venture into cryptocurrencies began with the...

Read more
Next Post
kristi noem

South Dakota Governor Has vetoed Bill Excluding Bitcoin From Definition of Money

Related News

Senator Gillibrand

Crypto Bill Draft to be Released in April, Says Senator Gillibrand

March 14, 2023
arbitrum crypto

Arbitrum Exploit Results In $2M Loss of User Funds

February 24, 2023
Lancashire police department

UK Police Sentenced 4 Bitcoin Fraudsters Who Had “More Money Than They Could Spend”

January 26, 2023

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Around The Block – MAR 24 Week in News March 24, 2023
  • Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption March 24, 2023
  • UK to Mandate Declaration of Crypto Holdings in Tax Forms March 24, 2023

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?