Baton raises $12m for blockchain-inspired b2b solution
California-based bank-to-bank paytech, Baton Systems has secured $12 million in its latest Series A funding round, led by Trinity Ventures with participation from Alsop Louie and Commerce Ventures.
The blockchain developer has run a pilot with the Bank of England
The three-year-old company, which is modeled on blockchain technology, acts as a gateway between bank ledgers for real-time reconciliation.
The company hopes the capital will strengthen Baton’s distributed ledger-based system, preparing the technology platform for “a daunting global regulatory environment”.
Trinity Ventures general partner and member of Baton’s board, Schwark Satyavolu, says: “Bank-to-bank settlement today is slow and manual, trapping billions of dollars that could instead be used to grow businesses. Baton is completely transforming the global bank payments infrastructure, leveraging the best of blockchain’s potential while mitigating its key concerns.”
Baton’s distributed ledger technology (DLT) solution means banks don’t have to overhaul their existing systems, and its redundant architecture can autoscale to handle bursts in transaction traffic.
The blockchain developer has run a pilot with the Bank of England and currently processes more than $12 billion each business day in payments between market participants and clearinghouse counterparties.
