Founded in 2016, Tokken grants online banking privileges to cash-intensive industries like cannabis, safe payment methods to consumers, and a robust compliance platform to partner banks. CEO Lamine Zarrad was inspired to create Tokken after noticing inefficiencies while working as a bank regulator in Colorado.
These industries need access to banking in order to grow, and customers want a private and safe way to purchase products without always relying on cash. Banks are concerned about evolving state and federal regulations and eager to avoid the inherent risk of money laundering associated with these industries.
Tokken 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 based on structured analytic techniques, Tokken is designed to comply with every relevant regulatory requirement and provide a sustainable banking solution for cannabis and other businesses.
How it works
Consumers download the Tokken app and link their bank accounts or credit or debit cards. Then, they use the Tokken mobile wallet at participating retailers. At the point of sale, money is transferred from the consumer’s chosen payment card, into the Tokken system. The transaction is recorded on Tokken’s indelible ledger, and the balance is issued to the retailer. Retailers can then use Tokken to pay bills or other suppliers, or transfer their balance from Tokken as USD.