Sony Network Communications and Startale Labs To Build Infrastructure Supporting Sony\u2019s Web3 Ambitions<\/p>\n
Sony Network Communications, a subsidiary of the $106B multinational conglomerate, is teaming up with Astar Network\u2019s spin-off, Startale Labs, to develop a blockchain.<\/p>\n
Announced on Sept. 12, Sony hopes for the blockchain to become a \u201cbackbone of global web3 infrastructure\u201d in addition to hosting blockchain-based offerings from Sony.<\/p>\n
\u201cBy combining Sony Network Communications’ experience in communication, IoT, AI, and solution services with Startale Labs’ insights and technical prowess in Web3, we aspire to create a global infrastructure that underpins the Web3 era, driving innovation across existing industries,” said<\/a> Jun Watanabe, President of Sony Network Communications.<\/p>\n The two firms will launch a joint venture called Sony Network Communications Labs later this month. Sony Network Communications launched as an Internet service provider in 1995 and has since expanded into the Internet of Things and Artificial Intelligence. The company commands a $54M market cap.<\/p>\n Sony\u2019s blockchain is the latest example of a leading mainstream firm moving to embrace web3 despite the ongoing bear market.<\/p>\n Last month, the global payments firm, PayPal, captured the crypto community\u2019s attention with the launch of its Ethereum-based PYUSD<\/a> stablecoin. PayPal quickly followed up with a fiat-to-crypto on-ramp<\/a> in partnership with Ledger and enabled conversions<\/a> between supported cryptocurrencies and PayPal balances last week.<\/p>\n Nubank<\/a>, a Latin American fintech with more than 70M customers, launched its own Layer 3 appchain and native token, Nucoin, leveraging Polygon\u2019s technology in March. The firm said Nucoin is intended to underpin its customer loyalty program.<\/p>\n Sony and Startale first began working together in February when Sony Network Communications teamed up with Astar Network to launch a web3 incubator<\/a> focused on DAOs and NFTs, with Startale organizing the initiative. Sony\u2019s subsidiary then followed up with a $3.5M<\/a> investment in Startale in June.<\/p>\n “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,\u201d tweeted<\/a> Sota Watanabe, CEO of Startale Labs.<\/p>\nSony + Startale<\/h2>\n