SOMA Social Marketplace Secures $1.23 Million for Stellar Blockchain

SOMA, a blockchain marketplace startup, closed its first funding round this week and it has secured a whopping 1.1 million euros, which is $1.23 million USD. The funding is to accelerate operations, which include social interactions, eCommerce, and product tracking and authentication all into one software platform. Part of the investment game from Finland’s government and other blockchain angel investors.

In a press release, the platform indicates that it plans to open its market again in June for a limited amount of users and then again, in July. The July opening will be to the public. Before transitioning into its new state, the startup was focused on watches for high-end users. The platform seems to be leveraging its watch experience to drive acquisition. The SOMA partners are including limited edition watches specifically for the launch and other bonuses and discounts.

Dissimilar from the traditional marketplace, this one offers blockchain utilization like product sharing, commenting, reviewing, and discovery, based upon a user’s product history. Also, SOMA provides a digital identity for each item, which is called an “Interactive Item Card.” The identity is based on the stellar blockchain and it maintains all of the item’s history, verifications, authenticity, and social interaction.