Sony Invests $3.5M In Infrastructure Startup Startale Labs To Drive Web3 Development

Key Points:

• Sony Network Communications has invested $3.5 million in Startale Labs to accelerate the development of Web3 services and products.
• The collaboration aims to create all-in-one Web3 development solutions, focusing on linking real-world assets with the Web3 ecosystem.
• The funding will be used to build infrastructure for the global adoption of Web3 technologies, and Sony’s President, Jun Watanabe, has joined Startale Labs as a director.

Sony Network Communications, a wholly-owned part of the Japanese conglomerate with interests in video games, consumer technology, and even banking, has announced a $3.5 million investment in Startale Labs. A private placement of fresh shares was used to raise funds.

The collaboration will accelerate Startale’s development of Web3 services and products, including its objective to offer all-in-one Web3 development solutions and an emphasis on linking real-world assets with the Web3 ecosystem.

Part of the cash will also be used to hire additional employees in order to promote the development of web3 products and services.

The web3 company said that the funding would be used to construct infrastructure to promote the worldwide adoption of web3. Jun Watanabe, President, and Representative Director of Sony Network Communications, has joined Startale Labs as a director.

Watanabe is also a co-founder of the Astar Network, a parachain that operates on the Polkadot ecosystem and is backed by Startale Labs. Astar recently announced smart contracts that supported two virtual machines, allowing the network to host WebAssembly or Ethereum Virtual Machine applications.

The Web3 footprint of Startale Labs may be tracked to many locations of the globe Astar Network. Nevertheless, its primary concentration has been in Japan, where it has grown to become the leading blockchain in the Asian nation.

Sony Network Communications is a well-known fiber optic internet service provider. Nonetheless, other Sony domains and divisions have been participating in other Web3 efforts, such as non-fungible tokens (NFTs).

This is not the first time the two firms have collaborated on a project. Early this year, they collaborated with Astar Network, Japan’s Polkadot Network-based smart contract platform, to co-host a Web3 Incubation Program, which provides assistance to web3 initiatives attempting to add value to NFTs and decentralized autonomous organizations (DAOs).

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Harold

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