View source for Tokken

'''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.<ref>{{Cite news|url=http://www.ibtimes.com/marijuana-startups-tokken-aim-provide-cannabis-industry-banking-services-will-legal-2349534|title=Marijuana Startups Like Tokken Aim To Provide The Cannabis Industry With Banking Services, But Will Legal Shifts Put Them Out Of Business?|date=2016-04-07|work=International Business Times|access-date=2018-04-06}}</ref><ref>{{Cite news|url=https://www.pcmag.com/article/349442/potchain-1-0-why-the-legal-weed-industry-is-embracing-block|title=Potchain 1.0: Why the Legal Weed Industry Is Embracing Blockchain|work=PCMAG|access-date=2018-04-06|language=en}}</ref> The startup company was created by Lamine Zarrad, a former regulator at the Office of the Comptroller of the Currency.<ref>{{Cite news|url=https://www.cnbc.com/2017/03/15/tokken-credit-card-pay-marijuana-pot.html|title=This start-up is building a bridge between banks and legal marijuana sellers|last=Castillo|first=Michelle|date=2017-03-15|work=CNBC|access-date=2018-04-06}}</ref><ref>{{Cite news|url=http://observer.com/2017/09/marijuana-cryptocurrency-blockchain/|title='Will That Be Cash or Cryptocurrency?'—the Marijuana Business on Blockchains|date=2017-09-14|work=Observer|access-date=2018-04-06|language=en-US}}</ref>

== Operability ==
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.<ref>{{Cite web|url=https://www.westword.com/marijuana/nathaniel-rateliff-and-the-night-sweats-are-joining-willie-nelsons-weed-company-11453250|title=Op-Ed: Nathaniel Rateliff on Why His Band is Joining the Weed Biz|last=III|first=Nathaniel Rateliff, Joseph Pope|date=2019-08-20|website=Westword|access-date=2019-08-20}}</ref>

Tokken turns credit card transactions into a digital token, which can 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.<ref>{{Cite web|url=https://www.cnbc.com/2017/03/15/tokken-credit-card-pay-marijuana-pot.html|title=This start-up is building a bridge between banks and legal marijuana sellers|last=Castillo|first=Michelle|date=2017-03-15|website=CNBC|language=en|access-date=2019-08-20}}</ref>

=== Banking services ===
Tokken has a "pay taxes" function which enables dispensaries to pay their taxes directly to the department.<ref>{{Cite web|url=https://www.westword.com/marijuana/tokkens-app-helps-solve-the-marijuana-banking-block-8770041|title=Tokken's App Helps Solve the Marijuana Banking Block|last=Simmons|first=Kate McKee|date=2017-02-07|website=Westword|access-date=2019-08-20}}</ref>

==References==
{{Reflist}}

[[Category:Blockchains]]
[[Category:Mobile applications]]
[[Category:Payment systems]]



{{Sourceattribution|Tokken}}