The presence of Sony, the company behind Playstation, in the crypto world will increase enormously. Sony Network Communications, a subsidiary of Sony, has announced that it is developing its own blockchain. To this end, it is partnering with crypto technology company Startale Labs.
New blockchain: the backbone of the Web3 infrastructure
The news was made public through an official announcement last Monday. Sony Network Communications, responsible for the development of various communications and networking technologies, and Startale Labs are one joint ventureAgreement, also called cooperation agreement, focused on the development of a new blockchain.
They are joining forces with the aim of creating a network that can become the “backbone of the global Web3 infrastructure”.
The Singapore-based joint venture will be launched this month under the name Sony Network Communications Labs Pte. GmbH’.
Startale Labs is the company behind Astar Network, one of the so-called Parachutes within the Polkadot (DOT) ecosystem. Parachains are tailor-made blockchains, all connected to the Relay Chain, the main network.
According to the announcement, the joint venture, also called a “joint venture”, will have a value of 1 million Singapore dollars, which is equivalent to approximately US$733,000. Sony owns 90 percent of the company and Startale logically owns 10 percent. In June this year, Sony had also invested $3.5 million in Startale.
Jun Watanabe, president and deputy director of Sony Network Communications, suggested that the Sony subsidiary expands its experience in areas such as “‘Internet of Things (IoT), artificial intelligence “(AI) and solution services” are combined with Startale Labs’ insights and technical capabilities in Web3.
The goal, in its own words, is to “create a global infrastructure that supports the Web3 era and stimulates innovation in existing industries.”
Ambitious crypto project
Watanabe also sent one on September 12th News out into the world on X (formerly Twitter). He describes the partnership as the biggest announcement in the company’s history and… “Game Changer” for Web3.
In his message, he also highlighted the success of Base, Coinbase’s Ethereum (ETH) scaling network. He writes that the new network could outperform Base, as it is six times the size of Coinbase, according to Sony.