Sony Invests $3.5M in Startale Labs for Global Web3 Development
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Sony Network Communications Inc. has recently solidified its commitment to web3 infrastructure by investing $3.5 million in Startale Labs, a promising tech company dedicated to developing the web3 sector.
This strategic partnership aims to establish a global web3 infrastructure, leveraging Sony’s extensive experience in telecommunications and other sectors as well.
Sony and Startale’s ‘Web3 for Billions’ Strategy
Startale Labs, a core contributor to the Astar Network, is on a mission to build “Web3 for Billions.” With Sony’s financial backing, the company plans to double its workforce from 15 to 30. This will also allow it to further contribute to Astar Network and Polkadot and embark on new projects for Ethereum.
Sony’s investment in Startale Labs underscores its commitment to the blockchain industry, especially as the focus shifts from Silicon Valley to Asia and Pacific markets due to regulatory uncertainty in the US.
This move aligns with Sony’s previous ventures into blockchain technology, further solidifying its position in the web3 space. Jun Watanabe, President and Representative Director of Sony Network Communications Inc., will join Startale Labs as a director.
Overall, this move indicates a deepening relationship between the two companies, which had already been cooperating by jointly hosting incubation programs aimed at promoting web3 development.
Read more: Top 5 Web3 Use Cases: Where Web3 Is, Where It’s Going
Looking East for Opportunity
Sony’s decision to invest directly in Startale Labs, without any other backers, highlights the company’s confidence in the potential of web3 infrastructure. This partnership is also set to combine Startale Labs’ advanced technologies and expertise with Sony’s cultivated experience and business fields. This could create a potent force for global web3 adoption.
Sota Watanabe, CEO of Startale Labs, expressed doubts about the United States’ commitment to furthering the progress of digital technology. According to Watanabe, the Asia region is much more open to creating regulations that will bolster Sony’s and Startale’s mission:
“The US government is hesitant to make crypto usable. Regulation is getting tighter and tighter. China, Singapore, Japan, and Korea think this is an opportunity.”
Sony and Startale Labs are now poised to create groundbreaking web3 use cases and value for the global market. The collaboration is a testament to Sony’s ongoing dedication to blockchain ventures and its vision for global web3 adoption.
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