Astar Network Communications and Sony Network Communications team up for blockchain

Astar Network Communications and Sony Network Communications team up for blockchain

Astar Network's spin-off, Startale Labs, is working with Sony Network Communications, a subsidiary of the $100 billion global conglomerate, to develop a blockchain.

Sony said on Sept. 12 that it aims to become a 'backbone of global web3 infrastructure' in addition to hosting blockchain-based offerings from Sony.

Experience in communication, IoT, AI, and solution services with Startale Labs' insights and technical prowess in Web3, we aim to create a global infrastructure that underpins the Web3 era, driving innovation across existing industries, said Jun Watanabe, President of Sony Network Communications.

Sony Network Communications Labs will launch a joint venture, Sony Network Communications Labs, later this month. In 1995, Sony Network Communications was launched as an internet service provider and has expanded into artificial intelligence and the Internet of Things. Sony's blockchain is a notable example of a major mainstream firm embracing web3 despite the ongoing bear market.

PayPal, a global payment firm, captured the attention of the crypto community last month with the launch of its PYUSD stablecoin on Ethereum. PayPal soon followed up with a fiat-to-crypto on-ramp in collaboration with Ledger, enabling conversions between supported cryptocurrencies and PayPal balances last week.

In March, Nubank, a Latin American financial institution with more than 70 million clients, launched its own layer 3 appchain and native token, Nucoin, using Polygon's technology. Nucoin, a currency, is intended to enhance its customer loyalty program, the firm said.

When Sony Network Communications and Astar Network joined together in February to launch a web3 incubator focused on DAOs and NFTs, Startale organized the initiative. Sony then followed up with a $3.5 million investment in Startale in June.

Watanabe compared the new network to the recent success enjoyed by Coinbase's newly deployed layer 2 network, Base.

Watanabe said he did not know if he was going to be sacked.