What are the best CBDC technology providers?

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The CBDC technology provider landscape in 2025 is dominated by specialized firms like Emtech Solutions, Fluency, and Ripple, each offering unique architectures from modular APIs to cross-chain interoperability solutions.

Private investment in this sector reached $15 million in disclosed funding during 2024-2025, while central bank pilots across Asia, Africa, and Europe are driving real-world adoption through partnerships with these technology providers.

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Who are the top CBDC technology providers in 2025 and what differentiates their solutions?

Six specialist vendors dominate the CBDC technology landscape in 2025, each offering distinct technological approaches and market positioning strategies.

Which startups in the CBDC space have received major funding in 2024 and 2025, and from which investors?

The CBDC startup funding landscape is concentrated among a few key players, with Emtech Solutions leading the pack in disclosed venture capital.

Emtech Solutions secured the largest round with $10 million in seed funding, led by Matrix Partners India with a $4 million contribution, alongside LoftyInc Capital. This represents the most significant disclosed private investment in the CBDC technology provider space during this period.

Fluency raised $1.3 million in seed funding from European and U.S. fintech venture capitalists, with their pre-money valuation disclosed at $23.5 million. This valuation suggests strong investor confidence in their multi-CBDC interoperability platform despite the relatively modest funding amount.

Several additional startups have received undisclosed strategic corporate investments, particularly from Accenture Ventures and Ripple's corporate venture arm. These strategic investments often focus on pilot partnership opportunities rather than pure financial returns.

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How much total capital was invested in CBDC-focused companies globally in 2024 and so far in 2025?

Disclosed private venture funding for core CBDC infrastructure platforms reached at least $15 million in 2024 and early 2025.

This figure is led by Emtech's $10 million seed round and Fluency's $1.3 million seed round, representing the two largest disclosed private investments in the space. However, this number significantly underestimates total market investment due to widespread non-disclosure of strategic corporate funding.

Public-sector contributions through programs like the mBridge pilot by central banks exceed $22 million in transaction value, but these lack traditional equity disclosure structures. The Bank of Thailand's retail CBDC hackathon and the ECB's Digital Euro Innovation Platform with 70+ partners represent additional multi-million dollar public investments that don't appear in private funding statistics.

Strategic corporate investments from players like Accenture Ventures, Ripple, ConsenSys, and IBM remain undisclosed, making the total global investment difficult to quantify precisely. Industry experts estimate the true investment figure including all strategic and public funding could exceed $100 million when accounting for undisclosed corporate ventures and government pilot programs.

Which companies are backed by major players in adjacent sectors like finance, cybersecurity, or blockchain infrastructure?

Several CBDC technology providers have secured strategic backing from major corporations spanning consulting, banking, and blockchain infrastructure sectors.

Accenture Ventures holds a strategic stake in Emtech Solutions, leveraging Accenture's global consulting footprint across Canada, Singapore, South Africa, Sweden, and Switzerland. This partnership positions Emtech to access central bank consulting opportunities through Accenture's established government relationships.

Ripple operates a dedicated CBDC Platform team supporting the Palau pilot program, with undisclosed equity and non-equity commitments to various CBDC infrastructure startups. Their strategic investments focus on promoting CBDC product adoption in smaller economies where Ripple's existing payment infrastructure provides competitive advantages.

ConsenSys receives Ethereum-based CBDC proof-of-concept funding from private equity firms specializing in blockchain infrastructure. IBM collaborates with Hedera Hashgraph for enterprise-grade CBDC infrastructure, particularly through their involvement in Thailand's pilot hackathon program.

Standard Chartered's SC Ventures developed the "Liberty" prototype for MAS CBDC challenges, combining traditional banking rails with institutional custody solutions. This represents a direct strategic investment from a major global bank into CBDC infrastructure development.

What recognitions, awards, or public-sector endorsements have top CBDC startups received recently?

The CBDC technology provider sector has received significant recognition from international financial institutions and central banking organizations throughout 2024-2025.

The World Economic Forum cited the mBridge MVP in June 2024 for its Ethereum Virtual Machine compatibility and pilot traction across multiple jurisdictions. This endorsement carries substantial weight given the WEF's influence in global financial policy discussions.

The Bank of Thailand conducted a retail CBDC hackathon featuring over 100 proof-of-concept proposals, with BOT selecting leading use cases for further development. This program represents one of the most comprehensive public-sector validation processes for CBDC technology providers.

The European Central Bank's Innovation Platform onboarded approximately 70 private partners for Digital Euro trials in May 2025, providing official ECB endorsement for participating technology providers. Swift won the "Partner Initiative" award at the Central Banking Awards 2025 for their cross-CBDC interlinking solution demonstrating cross-border transfers via SWIFT gpi.

These awards and endorsements provide crucial credibility for technology providers seeking additional central bank partnerships and private investment opportunities.

Which providers have secured pilot programs or contracts with central banks, and in which regions?

CBDC technology providers have secured pilot programs across Asia, Africa, and Europe, with the highest concentration of activity in Asian markets.

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What breakthroughs in CBDC-related R&D have emerged in 2025, and what innovations are expected in 2026?

CBDC research and development in 2025 has focused on privacy-enhancing cryptography, offline functionality improvements, and programmable settlement mechanisms.

The implementation of zero-knowledge rollups in CBDC smart contracts represents a major breakthrough, enabling private small-value transfers while maintaining regulatory compliance and audit capabilities. This technology allows central banks to balance privacy requirements with anti-money laundering obligations.

Offline auto-charge and swing features have been successfully deployed, providing automated wallet top-ups and limit checks at transfer time. These improvements significantly enhance usability in low-connectivity areas, particularly important for emerging market implementations like Ghana's offline retail pilot.

Programmable settlement capabilities now support rule-based "if-then" payment instructions embedded on-ledger for conditional cross-border fund flows. This enables complex multi-party transactions and automated compliance checking without manual intervention.

Looking toward 2026, industry experts expect multi-CBDC bridges using universal hash-time-locked contracts (HTLCs), enabling seamless cross-border transactions between different CBDC networks. Tokenized asset integration and central-bank-run digital asset marketplaces are anticipated as the next major innovation wave, potentially transforming how traditional securities and commodities are traded using CBDC infrastructure.

Which CBDC providers are focusing on interoperability and cross-border functionality, and how are they achieving it?

Four major technology providers have developed distinct approaches to CBDC interoperability, each targeting different aspects of cross-border functionality.

Fluency's Aureum platform offers native cross-chain interoperability between retail CBDCs, stablecoins, and major proof-of-stake networks. Their approach uses atomic swaps and bridge protocols to enable seamless value transfer across different blockchain architectures without requiring central intermediaries.

The mBridge consortium, co-developed by the BIS Innovation Hub and four central banks, provides a multi-CBDC bridge with Ethereum-compatibility enabling cross-border wholesale settlement. This platform has processed over $22 million in transaction value across China, Hong Kong, Thailand, UAE, and Saudi Arabia.

SWIFT's gpi Interlink pilot connects disparate CBDC networks via a single access gateway, leveraging their existing global messaging infrastructure. This approach allows central banks to maintain their preferred CBDC technology while accessing cross-border functionality through SWIFT's established network.

Polkadot-inspired consortium solutions use parachain-based interoperability for permissioned CBDC networks, modeled on cross-chain message passing protocols. These solutions focus on maintaining central bank sovereignty while enabling controlled cross-border transactions through predefined governance mechanisms.

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What regulatory frameworks or government initiatives are shaping the success of CBDC tech providers by region?

Regional regulatory frameworks are creating distinct opportunities and challenges for CBDC technology providers across major markets.

In Asia, China's e-CNY legal mandate provides the most comprehensive regulatory framework, while Thailand's "Way Forward for Retail CBDC" public consultation and Hong Kong's pilot funding through HKMA mBridge governance create structured pathways for private sector participation. These frameworks favor providers with established Asian market presence and compliance capabilities.

Europe's regulatory landscape centers on the ECB Digital Euro Innovation Platform with 70 partners, while EU MiCA regulations potentially cover CBDC interoperability requirements. These frameworks emphasize privacy protection and financial stability, favoring providers with strong European compliance expertise and privacy-enhancing technologies.

North American initiatives include the Bank of Canada's retail feasibility studies and the Federal Reserve's research on cross-border settlement via Project Cedar. These programs focus on research and pilot phases rather than immediate implementation, creating opportunities for providers offering flexible pilot solutions.

African markets, led by the Bank of Ghana's digital cedi pilot and South Africa's retail CBDC White Paper scheduled for 2026, emphasize financial inclusion and offline functionality. These requirements favor providers like Giesecke+Devrient with proven offline transaction capabilities.

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Which countries are seeing the most CBDC-related startup activity and why?

Five countries dominate CBDC startup activity in 2025, driven by distinct combinations of regulatory support, funding availability, and central bank engagement.

China leads with early e-CNY R&D institute development, multilateral mBridge leadership, and strong state-backed funding mechanisms. The combination of regulatory clarity and government financial support creates an attractive environment for CBDC technology development, though foreign provider participation remains limited.

Thailand ranks second through the BOT Retail CBDC pilot program and hackathon initiatives, supported by fintech-friendly regulations that encourage private sector innovation. The Bank of Thailand's active engagement with over 100 proof-of-concept proposals demonstrates strong government commitment to CBDC development.

Singapore's position stems from MAS innovation challenges and SC Ventures prototype funding programs. The Monetary Authority of Singapore's systematic approach to fintech innovation, combined with established venture capital presence, creates favorable conditions for CBDC startups.

India's CBDC startup activity is driven by RBI's expanding pilot programs covering both retail and wholesale applications, supported by local fintech venture funding through firms like Matrix Partners India. The combination of large market opportunity and accessible venture capital attracts significant startup activity.

Ghana's emergence reflects the Bank of Ghana's commitment to offline retail pilot programs and local bank consortium development, creating opportunities for providers specializing in emerging market solutions and financial inclusion technologies.

Who are the key investors driving the CBDC market forward, and what are their typical investment terms or strategic goals?

The CBDC investment landscape is dominated by strategic corporate investors and specialized venture capital firms with distinct approaches and objectives.

Which players are considered potential acquisition targets or have already been acquired by giants in fintech or big tech?

The CBDC technology provider space presents several attractive acquisition targets for large consulting firms, fintech giants, and technology corporations seeking to enter the central bank digital currency market.

Emtech Solutions represents the most obvious acquisition target, having raised $10 million and developed deep central bank relationships across multiple continents. Their modular API-first approach and existing partnerships with Matrix Partners India and Accenture Ventures make them attractive to large consultancies like Accenture, which could leverage Emtech's technology for broader central bank consulting engagements.

Fluency's interoperability intellectual property and cross-chain bridge technology could draw interest from blockchain infrastructure firms like ConsenSys or major fintech companies seeking to offer comprehensive CBDC solutions. Their $23.5 million pre-money valuation suggests acquisition costs would remain manageable for large strategic buyers.

Several smaller companies participating in Bank of Israel and MAS challenger programs are on acquisition radars for their specialized compliance toolkits and regulatory expertise. These firms offer pre-built solutions for specific central bank requirements that could accelerate larger companies' market entry timelines.

Recent market activity includes Salesforce's purchase of Spiff in the regtech-adjacent space, signaling appetite for specialized infrastructure plays among major technology companies. This trend suggests increased M&A activity in the CBDC space as large players seek to acquire technical expertise and central bank relationships rather than building solutions internally.

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Conclusion

Sources

1. CBDC Infrastructure Investors
2. Asia CBDC 2024
3. G+D OMFIF 2025 CBDCs Report
4. Bank of Thailand rCBDC Conclusion Report
5. Bank of Thailand Pilot CBDC 2024
6. ECB Press Release 2025
7. Central Banking Awards 2025
8. Bank of Japan Digital Currency Report
9. SWIFT CBDC Interlinking Solution
10. CLPS Global CBDC Report
11. KPMG Pulse of Fintech H1 2024