Baton Systems, a San Francisco, CA-based provider of blockchain-inspired, bank-to-bank payments infrastructure, raised more than $12m in Series A funding.
The round was led by Trinity Ventures, with participation from Alsop Louie and Commerce Ventures.
The company intends to use the funds for the continued deployment of its distributed ledger-based technology.
Led by Arjun Jayaram, CEO, Baton Systems has developed a distributed ledger-based, bank-to-bank payments infrastructure enabling on-demand payments and eliminating the need for capital-intensive pre-funding of margin requirements.
The platform integrates with financial institutions’ current collateral and cash systems, leaving their existing business processes, systems, and ledgers in place.
The company works with numerous market participants – including major global banks, custodian banks and exchanges. It is already processing more than $12 billion each business day in payments between market participants and clearing house counterparties.