Sony Network Communications, a subsidiary of Sony, has invested $3.5 million in Singapore-based Web3 company Startale Labs. The partnership aims to explore blockchain solutions and create a global infrastructure for Web3.
Sony Network Communications is one of Japan’s leading internet service providers, with over 6 million subscribers. It also offers various online services such as news, music, video, e-commerce, and education.
By investing in Startale Labs, Sony Network Communications aims to leverage its experience and business fields with Startale’s knowledge and technical capabilities in Web3.
The two companies have already collaborated to host a Web3 Incubation Program, which aimed to promote the growth of Web3 projects in Japan.
Sota Watanabe, the CEO of Startale Labs, told Cointelegraph that partnering with Sony allows a new Web3 startup like itself to “learn and leverage” many things. Commenting on its all-in-one solution, he said:
“Developers and users need to understand blockchain tech stacks when interacting with Web3. We want to provide smooth experiences for general users, and this tool will allow them to interact with the space without knowing it.”
Sony Network Communications appointed its president and representative director, Jun Watanabe, as director of Startale Labs along with the investment.
Watanabe is also the co-founder of the Astar Network, a para chain operating on the Polkadot ecosystem whose core team includes Startale Labs.
Astar recently launched smart contracts that support two virtual machines, enabling the creation of WebAssembly or Ethereum Virtual Machine projects within the network.
How Sony is involved in Web3 initiatives
Sony Network Communications is not the only Sony division interested in Web3. Other Sony domains and divisions have participated in Web3 projects, particularly in the area of non-fungible tokens (NFTs).
For example, Sony Music Entertainment Japan has partnered with Crypto.com to launch an NFT platform for Japanese artists. Sony Pictures Entertainment has also announced its plans to launch an NFT marketplace for its movies and shows.
Additionally, Sony Interactive Entertainment has filed a patent for an NFT-based platform that could be integrated with its PlayStation network.
These initiatives demonstrate Sony’s eagerness to explore the potential of Web3 and blockchain technology across its diverse businesses and industries.
By partnering with Startale Labs, Sony hopes to accelerate its innovation and adoption of Web3 solutions.
