StageIncubator/Accelerator | Alive
Soramitsu operates as a global technology company delivering blockchain-based solutions for governments, enterprises, universities, and communities. It designs financial applications through decentralized technologies. It was founded in 2016 and is based in Tokyo, Japan.
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Expert Collections containing Soramitsu
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
Soramitsu is included in 1 Expert Collection, including Blockchain.
Companies in this collection build, apply, and analyze blockchain and cryptocurrency technologies for business or consumer use cases. Various industries include financial services, trade finance, supply chain, enterprise tech, consumer and retail, and healthcare.
Latest Soramitsu News
Feb 6, 2023
Laos to launch CBDC proof of concept with Soramitsu 13 seconds ago Japanese software developer Soramitsu said the Bank of the Lao PDR Payment Systems Department would launch a proof of concept central bank digital currency ( CBDC ) tomorrow. The Lao central bank first inked a deal for CBDC research with Soramitsu in late 2021. Soramitsu was responsible for developing Project Bakong , the blockchain-based payment system deployed by Cambodia’s central bank, which has been referred to as a CBDC system, but strictly speaking isn’t. That’s because the digital money represents tokenized commercial bank deposits of either Cambodian riel or US dollars. Launched in 2020 , Project Bakong uses Hyperledger Iroha , a blockchain system originally developed by Soramitsu. The software company is also doing CBDC research with the Philippines, Vietnam and Fiji. The Lao CBDC proof of concept (PoC), referred to as DLak (Digital Lao Kip), will start tomorrow, and research work is continuing with the aim of launching a production CBDC based on the PoC. The solution uses a customized version of the Project Bakong software. There are similarities between the Laos CBDC motivations and those of Cambodia’s Project Bakong. For example, in 2021 the World Bank estimated that just 37% of those aged over 15 have a bank account in Lao compared to 33% in Cambodia. Hence financial inclusion is the primary motivator for both countries. A second driver is cross border remittances and a third one is to improve payment systems. In the case of Cambodia, the central bank lacked a real time gross settlement system (RTGS), which is not the case with Laos. However, when a consumer pays a retailer with electronic money in Lao, it can take up to a month for the merchant to receive the money because it goes via a payments company which might settle bi-weekly or monthly. In contrast, CBDC settles in real-time. Soramitsu secured many of its CBDC research projects through a collaboration with the Japan’s Ministry of Economy, Trade and Industry (METI).
Soramitsu Frequently Asked Questions (FAQ)
When was Soramitsu founded?
Soramitsu was founded in 2016.
Where is Soramitsu's headquarters?
Soramitsu's headquarters is located at Link Square Shinjuku 16F, Tokyo.
What is Soramitsu's latest funding round?
Soramitsu's latest funding round is Incubator/Accelerator.
Who are the investors of Soramitsu?
Investors of Soramitsu include Plug and Play Japan.
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