Sony Network Communications, a subsidiary of global tech giant Sony, announced late Monday that is it developing a new blockchain platform in a joint venture with crypto tech firm, Startale Labs. The Singapore-based joint venture will be known as Sony Network Communications Labs Pte. Ltd.
“We are excited to announce the establishment of this joint venture with Startale Labs, a company renowned for its advanced Web3 technology and expertise,” said Sony Network Communications President and Representative Director Jun Watanabe, in a statement.
He suggested that the Sony subsidiary will pair its experience in areas like “IoT, AI, and solution services” with Startale’s blockchain industry focus to “create a global infrastructure that underpins the Web3 era, driving innovation across existing industries.”
According to the announcement, the Singapore-based joint venture firm has 1 million SGD in capital, which is roughly equivalent to $733,000. Sony owns 90% of the venture, while Startale maintains 10%. Sony previously announced in June that it had invested $3.5 million into Startale.
The joint venture’s website is filled with ambitious statements, noting that Sony and Startale are “building a Web3 network that connects souls across generations,” and that they will “contribute to creating the foundation for digital societies to flourish.” However, it’s not yet clear how Sony—the company behind PlayStation and various consumer electronics—plans to utilize blockchain technology.
歴史的な1日。Sony Network Communicationsと合弁会社を設立しSonyのブロックチェーンをSonyと共同開発します。CoinbaseのBaseが盛り上がる中でSonyチェーンはそれを超え世界トッププロジェクトになりうる可能性があります。
— 渡辺創太 @Startale Labs (@Sota_Web3) September 12, 2023
In a note published to Twitter, Startale CEO Sota Watanabe wrote that he believes the upcoming Sony blockchain has the potential to surpass Coinbase’s Base blockchain, an Ethereum scaling network that launched last month and saw a peak of over 145,000 daily active users, according to a Dune dashboard.
Startale Labs is the firm behind the Polkadot parachain Astar Network, which launched last year as a smart contract platform for crypto applications and uses the ASTR token. Polkadot parachains are blockchains that are connected to the Polkadot network.
The Astar Network previously launched a joint incubation program with Sony Network Communications in May 2023 and funded 19 different crypto projects. Sony did not immediately respond to Decrypt’s request for comment.