Toku, a startup that specializes in token-based payroll and tax compliance, has raised $20 million in funding to provide innovative solutions to assist the cryptocurrency industry with maintaining regulatory compliance amidst increased scrutiny from regulators. Led by Blockchain Capital, the initial round saw participation from GMJP, OrangeDAO, Reverie, Quantstamp, Next Web Capital, angel investors like Cameron and Tyler Winklevoss, law firm Orrick, the founders of Protocol Labs, and infrastructure firm Alchemy. Toku aims to accelerate its global expansion with the investment. Co-founded by Ken O’Friel and Dominika Stobiecka, Toku has created a system to track tax laws and regulations affecting crypto in dozens of countries, with notable clients including Aragon, Astar, Filecoin Foundation, Gitcoin, Gnosis, Hedera Hashgraph, PleasrDAO, Protocol Labs, Teller, Safe, Storyverse, and others. Toku’s suite of services includes token-based payroll, token-based grant administration, employment and tax compliance, and WorkDAO. The startup’s platform was created after reviewing the tax laws of more than 100 countries, and its services allow each contributor to focus on their tasks while knowing their compensation is handled compliantly. Toku’s legal infrastructure and product design were developed with guidance from senior legal partners Craig Schmitz (from Goodwin) and Clem Roberts and Joseph Perkins (from Orrick). Founding investors Walter Kortschak (Summit Partners, Firestreak Ventures) and Josh Buckley (Buckley Ventures) have also joined Toku’s Board of Directors.
