Crypto Payroll Startup Toku Raises $20M

Blockchain Capital led the funding round.

AccessTimeIconMar 8, 2023 at 1:49 p.m. UTC
Updated May 9, 2023 at 4:09 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Toku, a token-based payroll and tax compliance project, has raised $20 million in a funding round led by Blockchain Capital. The investments will accelerate Toku’s global expansion and scale the platform to better fit the entire crypto ecosystem.

Investments in the crypto industry have slowed to a drip this year due to the bear market, but infrastructure projects have remained relatively strong. Projects that can survive potential regulatory actions have proven particularly popular.

  • APAC Demand for Crypto Exposure Remains High Despite Hong Kong ETFs' Soft Debut
    00:54
    APAC Demand for Crypto Exposure Remains High Despite Hong Kong ETFs' Soft Debut
  • Binance CEO Calls on Nigeria to Release Detained Executive; Galaxis Raises $10M
    02:13
    Binance CEO Calls on Nigeria to Release Detained Executive; Galaxis Raises $10M
  • Should You Sell in May and Go Away?
    00:46
    Should You Sell in May and Go Away?
  • Bitcoin ETFs Are Still 'Wildly Successful': Kraken Head of Strategy
    11:52
    Bitcoin ETFs Are Still 'Wildly Successful': Kraken Head of Strategy
  • Other backers in the round included Protocol Labs, GMJP, OrangeDAO, Orrick, Reverie, Quantstamp, Next Web Capital, Alchemy co-founders Nikil Viswanathan and Joe Lau.and a number of angel investors.

    Toku systems include token-based payroll, employment and tax compliance, and WorkDAO – a set of employment and compensation services tailored toward decentralized autonomous organizations (DAO). The tax compliance part covers 100 countries globally. Toku’s customer list has included Aragon, Astor, Filecoin Foundation and Protocol Labs, among others.

    “There are clear laws and regulations around how people get employed and compensated that have been around for hundreds of years,” said Toku co-founder Ken O’Friel in a press release. “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.”

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Brandy Betz

    Brandy covered crypto-related venture capital deals for CoinDesk.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.