Astar Network and Sony Network Communications team up for blockchain

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Astar Network 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 global conglomerate, to develop a blockchain.

Sony announced on Sept. 12 that it hopes for the blockchain 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 aspire 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 be launched in late 2016 as part of a joint venture called Sony Network Communications Labs. In 1995, Sony Network Communications became an internet service provider and has expanded into AI and the Internet of Things. Sony's blockchain is the latest example of a leading mainstream firm moving to embrace web3 despite the ongoing bear market.

PayPal, a global payment company, won the attention of the crypto market last month with the launch of its PYUSD stablecoin, which is powered by Ethereum. In an agreement with Ledger, PayPal quickly followed up with a fiat-to-crypto on-ramp in partnership with Ledger and enabled conversions between supported cryptocurrencies and PayPal balances last week.

With more than 70M customers, Nubank, a Latin American fintech with more than 70M clients, launched its own layer 3 appchain and native token, Nucoin, using Polygon's technology. Nucoin is intended to boost the company's customer loyalty program by enabling the exchange to earn a higher percentage of its profits.

In February, Sony and Startale began working together, when Sony Network Communications teamed up with Astar Network to launch a web3 incubator focused on DAOs and NFTs, with Startale in charge of the initiative. In June, Sony's subsidiary followed up with a $3.5 million investment in Startale.

Watanabe compared the newly-installed layer 2 network, Base, to the recent success enjoyed by Coinbase's freshly-deploying Layer 2 network.

Watanabe, speaking at a news conference, said: ''I'm going to say this is an incident that has affected me a lot,'' said Watanabe.