Cryptocurrency tax startup Toku nets $20m

Cryptocurrency tax startup Toku nets £20m

Cryptocurrency tax and payroll platform Toku has secured $20m in a funding round led by Blockchain Capital.

Other backers to the round included Protocol Labs, GMJP, OrangeDAO, Orrick, Reverie, Quantstamp, Next Web Capital and prominent angel investors including Protocol Labs founder Juan Benet and Alchemy co-founders Nikil Viswanathan and Joe Lau.

With the funds, the FinTech company hopes to bolster its global expansion efforts and scale its platform to support the entire crypto ecosystem.

Toku co-founder Ken O’Friel added, “There are clear laws and regulations around how people get employed and compensated that have been around for hundreds of years. These laws aren’t going away, and organisations need to follow them for the industry to grow. Our vision is to make it simple for organisations, from traditional companies to DAOs, to compensate their employees and contractors with tokens globally.”

Toku, which was co-founded in 2021 by Ken O’Friel and Dominika Stobiecka, aims to transform tax compliance with digital assets. Its platform provides customers with 100% tax compliance on all token-based compensation in over 100 countries globally. Its tool suite includes token-based payroll, token-based grant administration, employment and tax compliance, and WorkDAO.

The WorkDAO is a set of employment and compensation services tailored for the needs of decentralised autonomous organisations.

Its clients include Aragon, Astar, Filecoin Foundation, Gitcoin, Gnosis, Hedera Hashgraph, PleasrDAO, Protocol Labs, Teller, Safe, Storyverse and others.

Blockchain Capital general partner Kinjal Shah said, “Crypto is fundamentally shifting how talent coordinates and works together. As people are paid in tokens, the need for Toku’s services is clear. Co-founders Ken O’Friel and Dominika Stobiecka’s vision at Toku is setting the bar for what it means to offer compliant and comprehensive employment services to all Web3 contributors and employees alike.”

Another cryptocurrency tax platform to raise capital this week was Divly. The company helps simplify tax declarations for the crypto market and has secured $400,000 in fresh funding.

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