Sovereign Wallet, expanding CBDC business in the Nordic region
Sovereign Wallet(SW) has opened its subsidiary office, SWN Global Sweden, in Stockholm, Sweden, to expand the CBDC business and networks throughout the Nordic region.
Sovereign Wallet chose Sweden as a strategic base for expanding the CBDC business among other Nordic countries because Sweden is considered one of the world’s most innovative nations, especially for the first pioneer of developing its digital currency, ‘e-Krona.’ Also, last year, the Bank for International Settlements(BIS) established a regional innovation hub in Stockholm with four Nordic central banks (Danmarks Nationalbank, Central Bank of Iceland, Norges Bank, and Sveriges Riksbank) focusing on central bank digital currencies, so Sweden became one of the hottest and most attractive places for CBDC developing companies to open their CBDC research labs and business offices.
Since last year, SW has contacted and had many meetings with financial institutions, companies, and blockchain associations in the Nordic regions for CBDC cooperation. SW initiated a partnership with Nordic Blockchain Association(NBA) as the first partner and had another following partnership recently with the International Association of Money Transfer Networks(IAMTN) for collaborating business in Nordics.
SW also started co-working with Epicenter Stockholm, one of the most vibrant and active accelerating companies in Sweden, and Ernst & Young Sweden, one of the world’s top four consulting firms, to set KPIs and goals for the Nordic CBDC business and other possible cooperations including Digital Stock Exchange and Digital Tokenization. SW has received regular consulting services from both of the companies since the end of last year.
During the consulting sessions, SW decided on market strategies and future road maps for the Nordic markets with the guidance of Ernst & Young and Epicenter. For a smooth and flexible landing into the Nordic markets,
SW decided to establish a CBDC consortium with CBDC technology consultants and financial institutions to approach the Nordic central banks and commercial banks.
SW is now seeking partners, CBDC technology consulting companies, and financial institutions, who wish to work with us for CBDC and other business cooperation. SW started contacting some of the Nordic banks and financial institutions to showcase our CBDC demo in physical meetings this year. We are gradually upgrading our MetaMUI mainnet and CBDC platform to their needs and demands, and we are on the way to making the CBDC platform the final product shortly.
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