Toku, a startup specializing in cryptocurrency-based payroll services, has secured $20 million in funding.

Toku, a platform that offers token-based payroll and tax compliance solutions, has raised $20 million in a funding round led by Blockchain Capital. The investment will be used to expand the platform globally and to make it more suitable for the entire crypto ecosystem. Despite the slowdown in crypto investments due to the bear market, infrastructure projects have remained relatively strong, with projects that can withstand potential regulatory actions proving particularly popular. Other investors in the funding round included Protocol Labs, GMJP, OrangeDAO, Orrick, Reverie, Quantstamp, Next Web Capital, and a number of angel investors. Toku's solutions cover token-based payroll, employment, tax compliance, and WorkDAO, a set of employment and compensation services designed for decentralized autonomous organizations (DAOs), with tax compliance services covering 100 countries worldwide. Toku's clients have included Aragon, Astor, Filecoin Foundation, and Protocol Labs. According to Toku co-founder Ken O’Friel, the platform aims to simplify compensation for employees and contractors with tokens globally, while complying with existing employment and compensation laws and regulations.