Blockchain startup secures funding for payment system

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California blockchain company Baton System closed a $12 million Series A funding round, according to the Cointelegraph.

Baton System plans to use the funding to scale its blockchain-based bank-to-bank payment solution.

The blockchain company has already processed more than $13 million in payments. Baton System's blockchain platform is designed to be interoperable with legacy systems, reports the Cointelegraph.

Baton System developed the blockchain solutions so partnering companies would not have to overhaul existing business systems. The platform coordinates with different systems and organizations to complete transparent and efficient settlements of assets.

Although it is a payment-focused blockchain platform, Baton System does not involve cryptocurrencies or digital assets.

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