According to Yahoo News, Sony Network Communications, a subsidiary of the $106B multinational conglomerate, is collaborating with Astar Network’s spin-off, Startale Labs, to develop a blockchain. Announced on September 12, Sony aims for the blockchain to become a 'backbone of global web3 infrastructure' and host blockchain-based offerings from the company.
Jun Watanabe, President of Sony Network Communications, stated that by combining their experience in communication, IoT, AI, and solution services with Startale Labs' insights and technical prowess in Web3, they hope to create a global infrastructure that underpins the Web3 era and drives innovation across existing industries. The two firms will launch a joint venture called Sony Network Communications Labs later this month.
Sony Network Communications, which began as an Internet service provider in 1995, has since expanded into the Internet of Things and Artificial Intelligence, commanding a $54M market cap. This partnership is the latest example of a leading mainstream firm embracing web3 despite the ongoing bear market. In recent months, global payments firm PayPal launched its Ethereum-based PYUSD stablecoin and enabled conversions between supported cryptocurrencies and PayPal balances.
