Web3 infrastructure firm Startale Labs recently entered into a partnership with tech giant Sony Network Communications Inc. The joint venture would see birth firms collaborate and combine their expertise, skillset, and network of partners to develop a blockchain to support the global Web3 infrastructure.
Sota Watanabe, the Chief Executive of Startable Labs, took to X (formerly Twitter) earlier today to announce the Web3 partnership with Sony:
Startale Labs would reportedly work with Sony to develop the latter’s blockchain as part of the joint venture. Watanabe told his followers on X that Sony’s blockchain had the potential to rival Coinbase’s recently unveiled layer 2 network Base and become the world’s top blockchain project.
According to a blog post published by Startale Labs, the joint venture company would be established as Sony Network Communications Labs Pte. Ltd in Singapore. The joint venture would receive a capital infusion of 1 million SGD ($733,000), with Sony contributing 90% and Startale footing the remaining 10%.
The joint venture would focus on creating Web3 use cases to promote the adoption of the Web3 space. Sony Group’s diverse business experience including game and network services, entertainment technology and services, and financial services, is expected to aid the new company in providing value added web3 services.
Jun Watanabe, the President and Representative Director of Sony Network Communications stated:
By combining Sony Network Communications’ experience in communication, IoT, AI, and solution services with Startale Labs’ insights and technical prowess in Web3, we aspire to create a global infrastructure that underpins the Web3 era, driving innovation across existing industries.
Startale Labs and Sony Network Communications previously announced a capital alliance in June. The alliance saw Sony provide seed funding of 500 million JYP ($3.5 million) to Startale Labs through a placement of new shares.
