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Wednesday, Jun 12, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Crypto/Blockchain

Sony and crypto-tech firm Startale Labs partner on Web3 focused joint venture

The Singapore-based joint venture firm has 1 million SGD (USD$733K) in capital

Sony and crypto-tech firm Startale Labs partner on Web3 focused joint venture
Photo by Shubham's Web3 via Unsplash

Sony Corporation (NYSE: SONY) subsidiary, Sony Network Communications, and crypto-tech firm, Startale Labs are starting a blockchain-based joint venture to help facilitate the growth and development of Web3.

Announced on Tuesday, the Singapore-based JV will be known as Sony Network Communications Labs Pte. Ltd.

The new company, through its participation in various business sectors within the Sony Group, including gaming and network services, music, entertainment technology and more, intends to deliver enhanced value-added services across multiple domains.

According to the announcement, the Singapore-based joint venture firm has S1 million (USD$733,000) in capital. Sony owns 90 per cent of the venture, while Startale maintains 10 per cent with Sony previously having invested $3.5 million into Startale in June.

“Following our capital partnership with Sony Network Communications in June and the subsequent announcement of this joint venture, we are looking forward to collaborating more deeply,” said Sota Watanabe, CEO of Startale Labs.

“This joint venture is founded on the synergy of our respective assets and knowledge, aimed at co-developing leading blockchain and its ecosystem. We are determined to discern web3 trends and drive them globally.”

The joint venture’s website states that Sony and Startale are “building a Web3 network that connects souls across generations,” and that the JV will “contribute to creating the foundation for digital societies to flourish,” but an actual road-map detailing how the JV intends to use the technology in the future is conspicuously absent.

Read more: Shiba Inu ecosystem opens first Web3 restaurant in Italy

Read more: Philippines selects Hyperledger Fabric as CBDC blockchain backbone

Multi-chain strategy to help keep Sony’s blockchain separate from Polkadot ecosystem

Watanabe is a co-founder of the Astar Network, a parachain operating within the Polkadot ecosystem, which is a service for building decentralized applications on the Ethereum blockchain. While Sony Network Communications primarily excels as a robust fibre optic internet service provider, various other sectors and divisions within Sony have also ventured into Web3 initiatives, notably including nonfungible tokens (NFTs).

Startale Labs is a web3 development subsidiary of Astar Network. Its primary objective is to serve as the crucial element required to facilitate widespread adoption of Web3 technology. The company places significant emphasis on its multi-chain strategy, indicating that Sony’s blockchain endeavours could potentially remain entirely separate from the Polkadot ecosystem.

 

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