Baton Systems, a California-based blockchain development firm has closed a $12 million Series A funding round led by Trinity Ventures.
According to a Ledger Insights report published September 2nd, the new funding will be used to scale Baton Systems’ blockchain-powered bank-to-bank payment solution.
Baton Systems has reported that it already processes over $13 billion in payments implementing its solution for market participants and clearinghouse counterparties.
The firm’s blockchain platform is designed to be interoperable with legacy systems and doesn’t require clients to overhaul their existing business systems. According to Baton Systems:
“The Baton platform integrates with financial institutions’ current collateral and cash systems, leaving their existing business processes, systems, and ledgers in place.”
The blockchain software workflow coordinates between various systems and institutions to achieve transparent and efficient settlement of assets.
According to CEO Arjun Jayaram, while using distributed ledger technology, the payments-focused solution does not involve cryptocurrencies or digital assets, Baton Systems.