Token Earns A $16.5 Million Backing Of Opera Tech Ventures
French international investment behemoth, BNP Paribas, through its venture firm, Opera Tech Ventures, has reportedly backed Token’s multi-million dollar investment round. Token, which already boasts of $35M, raised in more three rounds since the start of the year, announced the $16.5 million investment round.
According to the fast-expanding open banking platform provider, two of its current investors, EQT Ventures and Octopus Ventures, were part of its large investor base. It said that the funds would go straight to developing TokenOS, a platform which, once fully developed, will unite global banks, their customers and the developer community.
Token stated that the platform will ideally allow all the participants in the ecosystem to initiate payments and transfer funds and data swiftly, safely and without any hassles. It will be platform that anyone would freely access anywhere across the world as well.
EQT Ventures’ investment advisor, Alastair Mitchell, spoke highly of the open banking wave that’s quickly expanding across Europe. According to him, the wave which is driven by the Revised Payment Service Directive (PSD2), presents a massive opportunity. He said that banks should take advantage of it and create better value for their clients while enhancing the existing ones.
Token In Partnership With Mastercard
It is only the other day that Token announced a strategic partnership with Mastercard. Through the partnership, over 4,000 banks, including Tandem Bank, An Post, Sberbank Croatia, Think Money Group and Slovenia, Khaleeji Commercial Bank enjoy access to the platform.
Token To Launch Stablecoin
It is important to acknowledge that this isn’t the only project Token is undertaking. The open banking platform is also busy working on a Stablecoin known as Token X. The stablecoin is backed 1:1 by fiat which is already in escrow.
The website further states that Token X will allow immediate movement of money across the globe, essentially at a relatively low cost. Token which was established in 2015, managed to raise $18.5 million during Series A in 2017, an amount which allowed it to expand its wings across Europe.