California-Based Blockchain Firm Baton Systems Raises $12M
By Mark Lemon – Cryptocurrency Specialist
Baton Systems, a California-based blockchain development firm has finally closed a $12 million Series A funding round headed by Trinity Ventures. The news was revealed On September 2, through a Ledger Insight report that the new funding will be utilised to scale the firm’s blockchain-powered bank-to-bank payment solution. Banks have been intrigued with the concept to buy and sell cryptocurrency for international remittance.
Baton Systems reported that it already processes payments of over $13 billion using the solution for clearinghouse counterparties and market participants.
The blockchain platform is made to be interoperable with legacy systems where clients won’t need to overhaul their existing business systems. Many larger businesses have been reluctant to incorporate buying and selling Bitcoin or other crypto to business activities due to restraints in integration with current systems.
Baton Systems gave the following statement:
“The Baton platform integrates with financial institutions’ current collateral and cash systems, leaving their existing business processes, systems, and ledgers in place.”
The company has noted that blockchain software workflow incorporates various systems and institutions in order to achieve efficient and transparent settlement of assets. All parties involved will also be provided with instant reporting and reconciliation, so no one is left in the dark.
Arjun Jayaram, CEO of Baton Systems said that while using Distributed Ledger Technology (DLT), the payments-focused solution will not involve digital assets or cryptocurrencies. This means unlike xRapid, there is no need for the system to buy crypto for the transferral and to exchange back into a fiat currency.
Baton Systems, according to the report, contributed to the Bank of England’s blockchain pilot for real-time gross settlement. This then led to the institution’s decision to later rebuild its RTFS system with the technology.
With new innovative functionality entering the space for DLT all the time, we are sure to start seeing the benefits of using the technology.
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