Based in Redwood City, Token is building next generation payment technology with serial entrepreneur Steve Kirsch at the helm. It aims to create a standard protocol or paradigm for exchanging value online: in short a payments infrastructure built for the internet. Built to comply with regulation like PSD2 in Europe and the Fed’s recommendations around faster payments in the US, its mission is to transform global payments.
During an interview in the Finetics™ Studio by The Bancorp at Money20/20 in Las Vegas, CEO and founder Steve Kirsch talks tokenisation, creating new payment paradigms and what the future of money movement looks like.
“I saw a lot of problems with payments. People always said ‘they’re really hard, don’t get into it’,” says Kirsch. “That seemed like a good opportunity for someone to fix that problem.
“I realised the internet enabled people to easily transmit data between parties and the invention of the World Wide Web allowed people to exchange into and structure data easily. There was nothing for money that enabled the same service. There is a lack of infrastructure to bring payments into the digital world. What we did was take a very old paradigm, the token, which was invented 2,600 years ago and added all the latest modern day tech to create a modern paradigm.”
Access more insights on ‘B2B Payments Trends’ from Rene Lacerte and Chris Byrd on The Bancorp’s Finetics blog.
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