SODA provides a platform for central banks to experiment with and implement central bank digital currencies (CBDCs). By focusing on user-centered applications, SODA aims to facilitate the adoption of digital currencies within the existing financial system.
Funding
Funding not disclosed
Founders
Product
Problem
Central banks face challenges in exploring and implementing central bank digital currencies (CBDCs) due to the complexities of integrating new technologies with existing financial infrastructure. Traditional payment systems often lack the privacy, accessibility, and efficiency needed for modern digital economies. Interoperability issues between different blockchain protocols further complicate the development and deployment of CBDCs.
Solution
SODA provides advisory services and facilitates "test and deploy" experiments to help central banks implement digital money solutions. SODA assists central banks in testing how blockchain technology can interoperate with existing systems, with the goal of launching innovative digital financial instruments. SODA works with stakeholders across the DeFi and TradFi ecosystems to facilitate the conversion of public digital money into a form of usable capital to be invested in DeFi yield products. SODA also leverages existing Web3 native ecosystems so that central banks and citizens can utilize existing remittance corridors safely and securely, reducing the cost and dependence on fiat rails.
Target Audience
SODA's primary target audience includes central banks and other official institutions seeking to explore, test, and implement CBDCs and other digital money solutions.
Features
- Advisory services for central banks and official institutions on all aspects of digital money.
- Facilitation of "test and deploy" experiments in live field environments.
- Expertise in interoperability between blockchain protocols and traditional systems.
- Assistance with launching innovative digital financial instruments using DLT.
- Guidance on converting public digital money into usable capital for DeFi yield products.
- Solutions for leveraging Web3 ecosystems for secure and cost-effective remittance corridors.
- Convening the Interoperability Group to engender a standardised approach to digital assets.