Sony Network Communications has recently announced that it is developing a new blockchain platform in a joint venture with Startale Labs. The venture between the two firms would be known as Sony Network Communications Labs.
The masses believe that the Sony subsidiary would pair its experience in various areas like IoT, AI, and more with Startale’s blockchain industry to create a global infrastructure that would underpin the Web3 era. It is expected that the move would drive innovation across all existing industries.
As per the official announcement, the joint venture firm currently has approximately $733,000 in capital. Sony owns almost 90% of the venture and previously invested $3.5 million into Startale.
The announcement clearly highlights ambitious statements regarding the development of a Web3 network that would connect souls across generations. At the same time, these would contribute to creating a foundation for digital societies to flourish. Despite that, it is still debatable how Sony plans to utilize blockchain technology.
Sony Looks Out for New Opportunities
Based on the note shared on X, the CEO of Sony, Sota Watanabe, highlighted that he believes that the upcoming blockchain would have the capability of surpassing the Base blockchain. The Ethereum scaling network was launched just last month and experienced a peak of almost 145,000 daily active users.
Startale Labs is the firm behind the Astar Network which was launched last year as a smart contract for crypto applications and uses the ASTR token. The two firms previously launched a joint incubation program and funded 19 different crypto projects.
The company’s decision to invest in Startale Labs without any financial backers highlights the firm’s confidence in the potential of the Web3 infrastructure. The partnership is all set to combine Startale Lab’s complex technologies along with Sony’s experience to create a potent force for global Web3 adoption. The CEO of Sony, however, expressed his doubts about the US government’s commitment to furthering the progress of digital technology.
He argued that the US government is only making crypto regulation tighter over time, and highlighted how the Asian market is comparatively attractive. The two firms are now committed to creating groundbreaking Web3 use cases along with value for the global market.
