Sony Group Forms Joint Venture with Startale Labs to Develop Blockchain for Global Web3 Infrastructure
Introduction
Sony Group’s Sony Network Communication department has formed a joint venture with Singapore-based Startale Labs to develop a blockchain that will be an integral part of the global web3 infrastructure.
New Joint Venture
- The JV company will be formed in September and will be named “Sony Network Communications Labs Pte. Ltd.”
- The new partnership will target to provide value-added services in all the business arenas of Sony and host blockchain-based offerings from Sony.
- The capital base stands at SGD 1 million with 90% investment from Sony Network Communications and 10% from Startale Labs.
Expansion into Web3
Following suit of PayPal Holdings Inc exploring the crypto space and Nubank’s launch of Layer 3 app chain and native token, Sony is yet another mainstream company to foray into web3 despite uncertainties around the broader market.
Startale’s History with Sony
Startale is a spin-off company of Astar Network. In February, Sony Network Communications collaborated with Astar to launch a web3 incubator to focus on DAOs and NFTs. In June, Sony’s subsidiary backed up with another $3.5 million investment in Startale.
Future Plans
Startale plans to double its workforce and thereby contribute further to Astar Network and Polkadot and thus embark on new projects for Ethereum. The Asian company believes that compared to the U.S., Asia offers a better corridor to create digital technology regulations which will further strengthen Sony and Startale’s joint venture.
Price Action
At the time of writing, Sony’s stock price was trading almost 3% higher.
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