June 19, 2024
Sony looks east for blockchain development, forms JV with Startel Labs – Cryptosaurus

Sony GroupSony’s network communications division has formed a Singapore-based joint venture Startel Labs Developing a blockchain that will be an integral part of the global Web3 infrastructure.

The joint venture company will be formed in September and will be named “Sony Network Communications Labs Pte.” Ltd.”

The new partnership will aim to provide value-added services across all of Sony’s business areas and host blockchain-based offerings from Sony. The capital base is SGD 1 million with 90% investment from Sony Network Communications and 10% investment from Startle Labs.

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as per the following PayPal Holdings Inc PYPL is exploring the crypto space and Nubank launches Layer 3 app chain and native token, Sony is another mainstream company entering Web3 despite uncertainties in the broader market.

Startel CEO Sota Watanabe Said, “Can you imagine what would happen if Sony, a company six times larger than Coinbase, launched its own platform with Web3 Waze?”

Startel’s history with Sony:Startel is a spin-off company estar networkIn February, Sony Network Communications collaborated with Astar to launch a Web3 incubator focusing on DAOs and NFTs.

In June, a subsidiary of Sony invested a further $3.5 million in Startel.

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Startel plans to double its workforce and thereby contribute further to the Astar Network and Polkadot and thus launch new projects for Ethereum. The Asian company believes that compared to the US, Asia offers a better corridor for digital technology rulemaking which will further strengthen the Sony and Startel joint venture.

Price Action: At the time of writing, Sony’s share price was trading about 3% higher.

Image: Shutterstock

Source: www.benzinga.com

Source: cryptosaurus.tech

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