Over the course of time, businesses have continued becoming more and more advanced with the adoption of technology. However, there is no other sector that does it better than the tech sector itself.
When talking about the tech industry, the discussion is incomplete until Silicon Valley is not mentioned. It is the hub where tech companies from around the world want to open their offices.
It is the like the “Holy Land” for tech companies and most of the tech hubs want to follow its progress and developments.
Challenges for the Tech Sector
With the passage of time, the tech sector has continued to face several challenges. However, the tech sector is used to analyzing and assessing all the issues and fixing them for good.
So far, the tech sector has managed to deal with almost every challenge that has come in its path. However, there is one thing that the sector has that it finds to be more problematic than any other sector.
The tech sector has encouraged people from around the world to work virtually. This means that a person living in India can work for a company based in Silicon Valley or in a country that is thousands of miles away.
Adoption of Crypto Payrolls is Rising
The part where the tech companies acquire the services of the virtual workers is fine as long as they are working. The problem arises when it is time to pay their salaries or reward them with shares.
This is where the traditional financial mediums fail and the crypto payment methods are gaining momentum.
With the passage of time, people have become aware of adopting cryptocurrencies and getting paid in digital assets.
They want to be paid in digital tokens for the services they provide. These services are offered through blockchain projects and they are responsible for the issuance of the tokens as well.
Foundation of Toku
This is the reason why Toku has been launched, which aims to serve the same utility to the users. The firm has been cofounded by a former equities trader, Ken O’Friel, who hails from Tokyo.
He has reportedly launched the startup to ensure that the companies aiming to pay salaries to their employees in cryptocurrencies are able to do it without facing any complications.
The platform he wants to launch would be strictly compliant with international tax guidelines and requirements. The companies can simply interact with Toku which would allow them to process the salaries of their employees on an international level.
They can pay their employees in cryptocurrencies without worrying about tax obligations and implications. This is where Toku would come in offering its utility and managing things on behalf of such companies.
With Toku, companies can easily meet international obligations for tax implementations.
Funding Round by Toku
As per the officials at Toku, they carried out a funding round to raise the funds they would need to kick-start the project.
It was quite remarkable that the idea was able to bring in huge investments from multiple contributors, acquiring stakes in the company.
O’Friel tweeted about the conclusion of their first-ever funding round. He thanked all the participants for their contribution and support.
He revealed that their company had successfully concluded a $20 million funding round. The company that led the funding round was Blockchain Capita. Other investors also participated in the funding round.
Other major firms that participated in the funding round included Alchemy, Protocol Labs, and Orrick. Alchemy is a major infrastructure firm while Orrick is a major law firm.
The company has vowed to use the funds for launching its business into the crypto market. Their goal would be to acquire as many operational and legal licenses around the world so it can provide specialized tax-related services.
O’Friel has announced that using the funds, they will be making it into the international market offering as much utility as possible.
