The relevance of blockchain-powered marketplaces has been on an upward swing, leading to sovereign governments entering the fray as well. SOMA, the decentralized platform allowing social interaction via blockchain technology has secured a whopping €1.1. million euros [$1.23 million], which also includes financial backing from the government of Finland.
Social interaction, provenance authentication, e-commerce and tracking of products is spearheaded by SOMA though a slew of software programs offered by the company. The announcement pertains to the company opening up a limited pool in June of this year and later expanding it to the larger public in July.
At the beginning of the launch of this blockchain-powered marketplace, high-end watches will be the first product tested. Over 50 companies have already signed up to the SOMA platform prior to the general market expansion. The social marketplace will also offer limited edition watches and a number of promotional discounts and bonuses.
The marketplace will assign each product an “Interactive Item Card [IIC]” with the introduction of Stellar’s blockchain. This addition will compile the history of the product in question, including item provenance, authenticity verification, and connected social interactions of the same on the platform.
From blockchain technology to the cryptocurrency sector, the Finnish government has been adopting a more positive approach to the same. A bill, consented by the President of the Nordic country, will allow virtual currency companies to be administered by the country’s budgetary requirements.
The Act on Virtual Currency Providers has also been making the rounds with the Finnish cryptocurrency space. This ACT will permit digital asset administrators appointed by the state to supervise decentralized currency trades, wallet and any other intricacies of the cryptocurrency world, which would be spearheaded by the country’s top regulatory body, the Financial Supervisory Authority [Fin-FSA].
Furthermore, the Fin-FSA will sit down with the country’s central bank the Bank of Finland on May 15 to discuss the required guidelines for the country’s growing cryptocurrency real as well as the related administrative bodies overseeing the decentralized currency industry.
The Finnish government has been positive to SOMA in the past. Back in August 2018, SOMA was the recipient of a Round One funding from Business Finland, the government agency under the Finnish Ministry of Employment and the Economy. This funding round saw SOMA receive €50,000 [$55,850] which would further expand to €500,000 – €1 million in Round Two, and €3 million – €20 million in Round Three.
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Graduate of Finance and Economics, interested in the intersection of the world of decentralized currency and global governance.