Denverite profiled Tokken as startup of the week. The company, based in Denver, is focused on one of the major challenges the cannabis industry faces: Cash transactions. The company “eliminates the risk of money laundering by creating a virtual barrier to cash transactions using an indelible Blockchain ledger to ensure data integrity and a proprietary compliance program.” From the consumer’s perspective, Tokken works as a mobile banking app. The app launched earlier this week, and the company is actively processing cannabis transactions in Colorado.
Tokken, which has 9 employees and was founded in March, has raised about $1mm. CEO Lamine Zarrad, who recently worked as a bank examiner for the Office of the Comptroller of the Currency (OCC) before founding the company, has assembled a diverse team (pictured below), and Denverite shares a lot of information about the well-rounded group.
According to Denverite, Tokken aims to be in 50 dispensaries by year-end and to expand to California and Puerto Rico.
Read Chloe Aiello’s “Tokken takes on marijuana legitimization first, and then economic disenfranchisement”: http://www.denverite.com/tokken-takes-marijuana-legitimization-first-worlds-disenfranchised-next-20726/