newstech.world

Token has raised a $30M funding round to provide biometric wearable rings.

The funding is structured in convertible notes and was led by Grand Oaks Capital.

Token aims to provide a passwordless biometric wearable device that would help companies improve their security.
The company sells its software solution as the next evolution in a post-Multi Factor Authentication world.
Phishing attacks in the financial industry reached a record high in 2021, with more than 100,000 hacking incidents reported by the end of the year.
According to the company, 65% of consumers used a password as their main authentication method, and 51% said they would rather use biometrics.
Token says that its product stands a chance at gaining market share because it provides users security and a chance to log in without using a password, saving them time.

Token has raised a $30M funding round to provide biometric wearable rings.