Digital payments ring developer Token has closed a $5m Series A round to support its go-to-market efforts.
Participation to the round came from firms including New York Ventures, Blockchange Ventures and the venture capital fund of Neo. Alongside these, Token’s original seed investors also contributed to the Series, including Future\Perfect Ventures general partner Jalak Jobanputra.
Following the transaction, Code.org CEO and founder Hadi Partovi will join the company as an investor and advisor.
New York-based Token is a digital ring developer that helps secure a consumers digital identity while also providing a simpler and safer method passwords and making payments. The ring enables the wearer to make payments, replace house keys, to be used as a password, as a car key, serve as a building access key and make transportation payments.
Capital from the round will be used to support its go-to-market efforts, which includes making more executive team hires as well as more staff in its hardware, software, platform, partnerships and marketing teams.
Blockchange Ventures CEO Ken Seiff said, “The idea that you can move around freely without passwords and keys and at the same time have higher levels of protection and control around your identity and location is literally one of the great promises that the blockchain offers.
“But this team didn’t stop there, they have built the first great consumer experience in the blockchain industry and are setting the bar for how we should experience and interact with the blockchain-just as Google, Facebook and Amazon did for the Internet.”
This investment brings the company’s total funding efforts up to $7m.
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