What T2SR does

Token2 (TOKEN2 Sàrl) is a Geneva-based cybersecurity company that designs, manufactures, and sells hardware authentication tokens and management software for multi-factor and passwordless access. Founded in 2013 by University of Geneva researchers, the company serves enterprise organizations running Microsoft Entra ID / Azure AD, Active Directory, and cloud-first environments; government agencies including Switzerland's AGOV, Austria's ID-Austria, and the Czech Republic's MojeID; security-conscious individuals and developers; and security researchers. The firm is privately held, controlled by its founders, and operates with 1-10 employees under Director Gulnara Huseynova.

The product portfolio spans three layers: (1) FIDO2 security keys built on proprietary PIN+ firmware with L2 certification and firmware-enforced PIN complexity rules, offering up to 300 resident passkeys in USB-A, USB-C, dual-port USB-A/USB-C with NFC, credit-card NFC, biometric (PIN+ Bio3), and budget developer (Pico RP2350) form factors; (2) programmable and classic TOTP hardware tokens in keyfob, calculator-format multi-profile, and credit-card formats, supporting SHA-1/SHA-256 and IP67 ratings; and (3) management and integration software including the TOTPRadius virtual appliance (RADIUS-based MFA for Fortinet VPN, Meraki CVPN, Citrix XenApp, VMWare View), Token2 Companion apps, and an open-source tooling ecosystem (Keyroost/Rust, Libre Key Companion Android/iOS, fido2-manage CLI, token2_config.py, token2-fido-bridge). Core protocols are FIDO2/WebAuthn, U2F, TOTP/HOTP, PIV, and OpenPGP.

Token2 monetizes primarily through unit-priced hardware sales (€7 to €39 per device) via its own e-commerce storefront with regional currency sites for EUR, CHF, USD, and GBP markets, supplemented by authorized resellers, volume pack pricing, and customization services for nonbranded OEM products. Software revenue is a secondary stream centered on TOTPRadius, with most management tools released as open source to drive adoption and ecosystem contribution. Revenue, headcount progression, and capital structure are not publicly disclosed, and no institutional funding rounds are recorded in available data.

Name

T2SR

Legal name

TOKEN2 Sàrl

Website

https://token2.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

1–10 employees

Short description

Geneva-based Token2 designs and sells hardware authentication tokens (FIDO2 security keys, TOTP devices, NFC smart cards) and MFA management software for enterprise, government, and individual customers, distributed through its own regional e-commerce storefronts and authorized resellers.

Ownership category

akta.pro rank

Product category

Cybersecurity Hardware Authentication

NAICS

Security Systems Services (56162)

SIC

Computer Peripheral Equipment, Nec (3577)

akta.pro primary industry

Card Readers & Authentication Tokens (Smart Card, NFC, OTP Keys) (HDACAFAK)

akta.pro secondary industry

Authentication (MFA/Passwordless/Biometrics) Platforms (BPAMAEAE)

Keywords

• FIDO2 security keys
• Hardware authentication tokens
• Multi-factor authentication
• TOTP hardware tokens
• Passwordless authentication

Headquarters

HQ city

Geneva

HQ country

Switzerland

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Technology or R&D, Personnel, Marketing or Sales, Operations

Revenue model

1. Hardware Security Keys and Tokens: Primary revenue from selling FIDO2 security keys, TOTP hardware tokens, NFC cards, and accessories through direct e-commerce and authorized resellers. Products range from budget RP2350-based Pico keys (€7) to premium PIN+ Dual Octo keys (€26-37).
2. Software Tools and Virtual Appliances: TOTPRadius virtual appliance for RADIUS-based TOTP authentication integration, along with companion apps and management tools. Some tools are open source while others are proprietary.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

Token2 designs, manufactures, and sells FIDO2/WebAuthn security keys (USB-A, USB-C, dual-port, NFC, biometric, and credit-card formats), programmable and classic TOTP hardware tokens in keyfob and card form factors, and the TOTPRadius virtual appliance that bridges third-party systems (VPNs, Citrix, VMware View) to TOTP-based MFA via RADIUS. Products enable phishing-resistant passwordless and multi-factor authentication for individuals, enterprises, and government agencies.

Product overview

Token2 is a cybersecurity company specializing in multifactor authentication hardware and software. The product portfolio consists of three main categories: (1) FIDO2 Security Keys including PIN+ series with PIN complexity enforcement (USB-A, USB-C, NFC, Dual-Port, and biometric variants), NFC cards, KeyTen, and Pico developer-focused keys; (2) TOTP Hardware Tokens including programmable tokens (C301-i, C302-i, Molto-2 v2, Molto-1-i, OTPC-P series, miniOTP series) and classic tokens (C202, C203, OTPC-N1); (3) Management Software including Token2 Companion App (Windows/macOS), Companion Rust Edition (Keyroost, cross-platform), Libre Key Companion (Android/iOS), FIDO Bridge for Android, fido2-manage CLI tools, and TOTPRadius virtual appliance. Supporting accessories include NFC readers, USB-C adapters, and leather cases. Products are distributed via online store with global and regional EU/UK/CH sites.

Differentiator

Problem solved

Functional benefit

Products and services

• Token2 PIN+ Series FIDO2 Security Keys FIDO2.1 hardware security keys with PIN+ firmware that enforces PIN complexity, supports up to 300 passkeys, and provides multi-protocol (FIDO2/U2F/TOTP/HOTP/PIV/OpenPGP) authentication for individuals, enterprises, and government agencies.
• PIN+ Bio3 FIDO2 Security Key with Biometric Authentication Dual-interface (USB-A and USB-C, with NFC) FIDO2 security key that authenticates users via integrated biometric fingerprint sensor instead of PIN entry, supporting up to 300 passkeys with PIN+ firmware.
• PIN+ FIDO2 NFC Card Release3.3 Credit-card-sized FIDO2.1 NFC and contact smart card with PIN+ firmware, supporting up to 300 resident keys, OpenPGP and PIV functionality, and a printable surface for use as an access/authentication badge.
• KeyTen NFC FIDO2 Security Key Plastic-cased FIDO2, U2F, and TOTP security key with USB-A and NFC interfaces, supporting 50 passkeys plus TOTP and HOTP profiles for users wanting a lower-cost multi-protocol token.
• Token2 Pico RP2350-Based FIDO2 Security Key Budget FIDO2/WebAuthn security key built on the Raspberry Pi RP2350 microcontroller, targeting developers and FIDO enthusiasts with PIN+ complexity enforcement and full open-hardware design (schematics, PCB layouts, BOM on GitHub).
• C301-i Programmable Hardware Token NFC-programmable keyfob-format TOTP hardware token with a 6-character LCD display, configurable SHA-1 or SHA-256 hash, 30-second time-step, IP67 waterproofing, and 5–6 year battery life.
• C302-i Programmable Hardware Token NFC-programmable keyfob-format TOTP hardware token with unrestricted time sync, configurable hash, IP67 waterproofing, and tamper protection, designed to be supplied to Entra ID with Premium P1/P2 licenses.
• Molto-2 v2 Multi-profile TOTP Programmable Hardware Token Multi-profile TOTP programmable hardware token with a 240×320 TFT screen, up to 100 profiles, HID/keyboard emulation, config protection password, and an 8-year battery life.
• Molto-1-i Multi-profile TOTP Hardware Token Pocket-calculator-format multi-profile TOTP hardware token with an LCD screen, PIN protection, and support for up to 10 profiles with configurable hash and time offset.
• OTPC-P2-i Programmable TOTP Card (Restricted Time Sync) Credit-card-format programmable TOTP hardware token with restricted time sync, e-Ink display, 30-second interval and 6-digit code, NFC-programmable.
• OTPC-P1-i Programmable TOTP Card (Unrestricted Time Sync) Credit-card-format programmable TOTP hardware token with unrestricted time synchronization, an e-Ink screen, and seed persistence across time changes.
• miniOTP-3-i Programmable TOTP Card Mini card-format programmable TOTP hardware token with restricted time sync, a 24×7 mm e-Ink display area, and NFC programming.
• miniOTP-2-i Programmable TOTP Card Mini card-format programmable TOTP hardware token with time synchronization, an e-Ink screen, and 64×38×1 mm card dimensions for badge-wallet use.
• C202 Classic TOTP Hardware Token Classic keyfob-format TOTP hardware token with SHA-1 hash, 6-digit LCD display, IP67 waterproofing, and 5–7 year battery life; RFC6238-compliant and independently checked by CertX.
• C203 SHA-256 TOTP Hardware Token Classic keyfob-format TOTP hardware token using the SHA-256 hash algorithm, 6-digit display, 30-second interval, 5–6 year battery, provisionable for Microsoft Entra ID via Graph API.
• OTPC-N1 Non-Programmable OTP Display Card Non-programmable credit-card-format TOTP display card with e-Ink screen, SHA-1 algorithm, 6 digits, and factory-set seeds; compatible with WordPress, Azure MFA, WatchGuard AuthPoint, and ESET Secure Authentication.
• TOTPRadius Virtual Appliance Software virtual appliance that exposes a RADIUS server (RFC-2865) fronting TOTP (RFC-6238) authentication so that VPNs, VDI platforms, and other RADIUS-compatible systems can enforce MFA via Token2 TOTP tokens.
• USB-A to Type-C Adapter for Token2 FIDO Security Keys Aluminum-alloy USB-A to USB-C adapter that lets Token2 USB-A FIDO security keys plug into USB-C hosts such as MacBooks, Windows laptops, and Android phones.

Quantifiable outcome

• Up to 300 passkeys can be stored on a single PIN+ device
• +3 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration20 records

Feature11 records

Partnerships

Six partnerships are on record, tiered core and flagship.

• FIDO AlliancecoreStrategic or Co-development PartnerToken2 is a Sponsor-level member of the FIDO Alliance. Their FIDO2 security keys are certified by the FIDO Alliance Certification program. This partnership positions Token2 as a significant contributor to the FIDO2 authentication standard ecosystem.
• MicrosoftcoreTechnology or IntegrationToken2 is verified as Microsoft-compatible FIDO2 security key vendor and listed by Microsoft as a recommended TOTP hardware token supplier for Entra ID with Premium P1 or P2 license. Keys are fully compatible with Azure Passwordless experience.
• AGOV (Authentication Service of Swiss Authorities)flagshipTechnology or IntegrationToken2 has been included in AGOV's successfully tested FIDO security keys list, meeting the standards and requirements for secure authentication with Swiss government authorities.
• ISDecisions UserLockcoreTechnology or IntegrationToken2 USB security keys are specifically compatible with ISDecisions UserLock for implementing multi-factor authentication for Windows computer logon with Active Directory domain membership or standalone terminal servers.
• Authorized Resellers and DistributorscoreChannel Partner/ Reseller/ DistributorOnline orders may be fulfilled by authorized resellers or distributors. Contact information available at token2.com/site/page/resellers-and-distributors.
• ID-AustriaflagshipTechnology or IntegrationToken2 FIDO2 keys are compatible with the ID-Austria eID login system for Austrian digital identity authentication.

Scale indicators3 records

Recent moves5 records

Expansion highlights6 records

Direct peers

• Feitian Technologies: Feitian produces FIDO2 security keys, TOTP/HOTP hardware tokens, and smart cards — directly comparable to Token2's portfolio and competing in the same Microsoft Entra ID, Google, and government eID procurement channels.
• Nitrokey: Nitrokey is an open-source-focused hardware security key maker (FIDO2, OpenPGP, PIV) — directly comparable to Token2's multi-protocol support and open-source tool philosophy, serving similar developer and privacy-conscious user segments.
• OnlyKey: OnlyKey builds multi-protocol hardware authentication devices supporting FIDO2, U2F, TOTP, and OpenPGP — overlapping with Token2's PIN+ and TOTP token lines and targeting similar security-conscious individual and developer customers.
• Identiv (uTrust FIDO2): Identiv produces FIDO2 smart cards and security keys, including NFC and credential form factors directly comparable to Token2's PIN+ NFC Card Release3.3, with overlapping government and enterprise identity use cases.
• Yubico: Yubico is the market-leading FIDO2 hardware security key vendor (YubiKey) and the most direct competitor to Token2 across FIDO2/U2F/PIV/OpenPGP form factors, sharing the same Microsoft, Google, and enterprise ecosystem integrations.
• Thetis (Shenzhen Taichen): Thetis manufactures FIDO2/U2F security keys and TOTP tokens with multi-platform support, competing head-to-head with Token2's PIN+ and KeyTen product lines for individual and SMB buyers.

Broad incumbents

• RSA Security: RSA is a broad incumbent in enterprise authentication offering hardware tokens (RSA SecurID) and identity platforms — overlapping with Token2's enterprise MFA use case but operating across a much wider portfolio including software IAM.
• Cisco Duo: Cisco Duo is a major MFA and SSO platform that supports Token2's TOTP hardware tokens as a second factor — a broad incumbent whose enterprise scale dwarfs Token2's hardware business, but who depends on compatible hardware vendors like Token2.

Others

• Okta: Okta is a leading identity and access management platform that integrates with FIDO2 hardware keys including Token2's. It is not a direct hardware competitor but is a complementary ecosystem participant that channels demand toward hardware authenticators.

Emerging players

• Authentik / Authentrend: Authentrend is an emerging FIDO2 security key vendor focused on biometric and passwordless keys — a partial competitor with overlap to Token2's PIN+ Bio3 and PIN+ series in the passwordless-authentication segment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• GitHubgithub.com/token2
• LinkedInlinkedin.com/company/token2-com

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about T2SR