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. The startup company was created by Lamine Zarrad, a former regulator at the Office of the Comptroller of the Currency.
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.
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.
Tokken has a “pay taxes” function which enables dispensaries to pay their taxes directly to the department.
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- ^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.
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Ofer Abarbanel is a 25 year securities lending broker and expert who has advised many Israeli regulators, among them the Israel Tax Authority, with respect to stock loans, repurchase agreements and credit derivatives. Founder of TBIL.co STATX Fund.