Sony Network Communications Announces Joint Venture to Develop Blockchain Platform
Sony Network Communications and Startale Labs to Create New Blockchain Platform
- Sony Network Communications, a subsidiary of Sony, has announced a joint venture with Startale Labs to develop a new blockchain platform.
- The Singapore-based joint venture will be known as Sony Network Communications Labs Pte. Ltd.
Excitement Surrounding the Joint Venture
President and Representative Director of Sony Network Communications, Jun Watanabe, expressed excitement about the joint venture. He stated that Sony will combine its experience in IoT, AI, and solution services with Startale’s blockchain expertise to drive innovation in existing industries.
Capital and Ownership
The joint venture firm has 1 million SGD in capital, with Sony owning 90% and Startale maintaining 10%. Sony previously invested $3.5 million into Startale.
Ambitious Goals
The joint venture’s website claims that Sony and Startale are building a Web3 network to connect generations and contribute to the foundation of digital societies. However, it is unclear how Sony plans to utilize blockchain technology.
Potential to Surpass Coinbase’s Base Blockchain
Startale CEO Sota Watanabe believes that the upcoming Sony blockchain has the potential to surpass Coinbase’s Base blockchain, which launched last month and saw over 145,000 daily active users.
About Startale Labs
Startale Labs is the firm behind the Polkadot parachain Astar Network, a smart contract platform for crypto applications. Polkadot parachains are blockchains connected to the Polkadot network.
Previous Collaboration
In May 2023, Sony Network Communications and Astar Network launched a joint incubation program and funded 19 crypto projects.
