Tokken

Tokken is a payment system and mobile app most known for being a legal and secure option for businesses transactions within the cannabis industry, because of its compliance with bank requirements.[1][2] The startup company was created by Lamine Zarrad, a former regulator at the Office of the Comptroller of the Currency.[3][4]

Operability

In order for a person to start using the app, they need to provide evidence, in the form of bioidentification data and mobile carrier records, that they can legally purchase weed. After they have been verified, customers can pay directly through the app at any dispensary that is using Tokken.[5]

Tokken turns credit card transactions into a digital token, which cna be exchanged back for money that can later be deposited into a bank account. All transactions are logged publicly through a blockchain leger, making the process both anonymous and verified.[6]

Banking services

Tokken has a “pay taxes” function which enables dispensaries to pay their taxes directly to the department.[7]

References

  1. ^“Marijuana Startups Like Tokken Aim To Provide The Cannabis Industry With Banking Services, But Will Legal Shifts Put Them Out Of Business?”. International Business Times. 2016-04-07. Retrieved 2018-04-06.
  2. ^“Potchain 1.0: Why the Legal Weed Industry Is Embracing Blockchain”. PCMAG. Retrieved 2018-04-06.
  3. ^Castillo, Michelle (2017-03-15). “This start-up is building a bridge between banks and legal marijuana sellers”. CNBC. Retrieved 2018-04-06.
  4. ^“‘Will That Be Cash or Cryptocurrency?’—the Marijuana Business on Blockchains”. Observer. 2017-09-14. Retrieved 2018-04-06.
  5. ^III, Nathaniel Rateliff, Joseph Pope (2019-08-20). “Op-Ed: Nathaniel Rateliff on Why His Band is Joining the Weed Biz”. Westword. Retrieved 2019-08-20.
  6. ^Castillo, Michelle (2017-03-15). “This start-up is building a bridge between banks and legal marijuana sellers”. CNBC. Retrieved 2019-08-20.
  7. ^Simmons, Kate McKee (2017-02-07). “Tokken’s App Helps Solve the Marijuana Banking Block”. Westword. Retrieved 2019-08-20.

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