Sony Network Communications partners with Astar Network to develop blockchain

Sony Network Communications partners with Astar Network to develop blockchain

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

Sony announced on Sept.12 that it expects blockchain to be 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 worldwide 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 called Sony Network Communications Labs in the next few months. In 1995, Sony Network Communications was established as a provider of internet service. It has expanded into the Internet of Things and Artificial Intelligence. Sony's blockchain, despite the ongoing bear market, is the latest example of a leading mainstream firm moving towards web3.

PayPal, the global payment giant, caught the attention of the cryptocurrency community last month by launching its PYUSD stablecoin on Ethereum. In cooperation 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.

In March, Nubank, a Latin American fintech with over 70 million clients, launched its own layer 3 appchain and native token, Nucoin, by using Polygon's technology. Nucoin is intended to boost the company's customer loyalty program.

Sony Network Communications and Astar Network collaborated with Sony in February to launch a web3 incubator focused on DAOs and NFTs, with Startale launching 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 freshly deployed Layer 2 network, Base.

Watanabe said he would not comment on the claims.