Soda Labs Raises $3M From NextBlock to Let Regulated Money Move Privately on Public Chains
This story was originally published on HackerNoon at: https://hackernoon.com/soda-labs-raises-$3m-from-nextblock-to-let-regulated-money-move-privately-on-public-chains. Soda Labs raised a $3M seed from NextBlock to scale garbled-circuit MPC privacy for banks, payments and tokenisation on Ethereum, Base, Arbitrum and more. Check more stories related to undefined at: https://hackernoon.com/c/undefined. You can also check exclusive content about #soda-labs, #nextblock, #technology, #web3, #good-company, #startup-funding, #fintech, #stablecoins, and more. This story was written by: @ishanpandey. Learn more about this writer by checking @ishanpandey's about page, and for more stories, please visit hackernoon.com. Soda Labs has raised a $3 million seed round, with NextBlock, a Luxembourg venture firm focused on programmable cryptography, funding the entire round. Soda's privacy engine uses garbled circuits with multiparty computation, standard cryptography such as AES and SHA-256 and ordinary cloud CPUs with no specialised hardware. The technology has processed more than 100 million transactions on the COTI network, where the PriveX perpetuals exchange has handled more than $20 billion in trading volume. Soda Bubble, a chain-agnostic privacy coprocessor, is live on Ethereum, Polygon, Arbitrum, Base and COTI, with Solana and other networks under way. Soda reports 10 to 100 times higher throughput and 100 to 1,000 times lower cost per transaction than current alternatives, with new benchmarks due in the coming weeks. The capital funds 12 to 18 months of commercial scaling, validator-network expansion, hiring and integrations with banks, payment companies and tokenisation platforms.
