Sony Unveils Plans To Develop Blockchain
Sony Network Communications and Startale Labs To Build Infrastructure Supporting Sony’s Web3 Ambitions
By: Samuel Haig •DeFi News
Sony Network Communications, a subsidiary of the $106B multinational conglomerate, is teaming up with Astar Network’s spin-off, Startale Labs, to develop a blockchain.
Announced on Sept. 12, Sony hopes for the blockchain to become a “backbone of global web3 infrastructure” in addition to hosting blockchain-based offerings from Sony.
“By 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 Jun Watanabe, President of Sony Network Communications.
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.
Sony’s blockchain is the latest example of a leading mainstream firm moving to embrace web3 despite the ongoing bear market.
Last month, the global payments firm, PayPal, captured the crypto community’s attention with the launch of its Ethereum-based PYUSD stablecoin. PayPal quickly followed up with a fiat-to-crypto on-ramp in partnership with Ledger and enabled conversions between supported cryptocurrencies and PayPal balances last week.
Nubank, a Latin American fintech with more than 70M customers, launched its own Layer 3 appchain and native token, Nucoin, leveraging Polygon’s technology in March. The firm said Nucoin is intended to underpin its customer loyalty program.
Sony + Startale
Sony and Startale first began working together in February when Sony Network Communications teamed up with Astar Network to launch a web3 incubator focused on DAOs and NFTs, with Startale organizing the initiative. Sony’s subsidiary then followed up with a $3.5M investment in Startale in June.
"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,” tweeted Sota Watanabe, CEO of Startale Labs.
Watanabe compared the forthcoming network to the recent success enjoyed by Coinbase’s freshly deployed Layer 2 network, Base.
“Can you imagine what happens if Sony, [a] six times bigger company than Coinbase, launches their platform with Web3 Ways?” Watanabe said.