Safe Cash Payment Technologies, a San Francisco, CA-based developer of a platform to enable the use of digital tokens, raised $1.12m in funding.
Backers included Bialla Ventures, Naveen Jain, Vuk Bulajic, Vinh Vo and company founder Chris Kitze.
Founded in December 2014, Safe Cash provides a payment system that allows cash to be used as a digital asset, with member banks storing U.S. dollars and providing tokens which are redeemable for cash. The platform utilizes digital wallets with end-to-end encryption—which will be available on iOS, Android and other mobile platforms—and partner banks.
The system, designed to work globally, is set to go live in Q4 2015 with partners banks that will be announced later this year.