Sony Corporation (NYSE: SONY) subsidiary Sony Network Communications and cryptography company Startale Labs launch a blockchain-based joint venture to accelerate the growth and development of Web3.
The Singapore-based joint venture, announced Tuesday, will be known as Sony Network Communications Labs Pte. Ltd.Co., Ltd.
The new company aims to provide enhanced value-added services across multiple areas through participation in various business areas within the Sony Group, including games, network services, music and entertainment technology.
According to the announcement, the Singapore-based joint venture will be capitalized at S$1 million (US$733,000). Sony owns 90% of the venture, while Startail retains 10%, and Sony previously invested $3.5 million in Startail in June.
“Following our capital partnership with Sony Network Communications in June and the subsequent announcement of this joint venture, we look forward to collaborating even more deeply,” said Startale Labs CEO Sota Watanabe.
“This joint venture is established based on the synergies of our respective assets and knowledge and aims to jointly develop the leading blockchain and its ecosystem. We are determined to promote this globally.”
The joint venture's website states that Sony and Startail are “building a Web3 network that connects souls across generations,” and that the joint venture will “contribute to building the foundation for a thriving digital society.” However, the actual roadmap details how the joint ventures will work together. There is a significant lack of intent to use the technology in the future.
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Multi-chain strategy to separate Sony’s blockchain from the Polkadot ecosystem
Watanabe is the co-founder of Astar Network, a parachain that operates within the Polkadot ecosystem, a service for building decentralized applications on the Ethereum blockchain. While Sony Network Communications primarily excels as a robust fiber optic internet service provider, various other divisions and divisions within Sony are also working on his Web3 initiatives, including non-fungible tokens (NFTs), among others. I'm here.
Startale Labs is the Web3 development subsidiary of Astar Network. Its primary purpose is to serve as a critical element needed to facilitate widespread adoption of Web3 technologies. The company's emphasis on a multi-chain strategy indicates that Sony's blockchain efforts could potentially remain completely separate from the Polkadot ecosystem.
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