Sony Network Communications has produced a investment from 3.5 million dollars in Startale Labsone of the entities behind the blockchain network Astar.
Based in Singapore, Startale Labs is a spin-off of the Astar Foundation which focuses on building infrastructures and tools to “facilitate the use of Web3” for businesses.
On Wednesday, the startup announced that it had collected 3.5 million dollars – 500 million yen – from Sony Network Communications (So-net). The Japanese giant, which had previously launched a incubator in partnership with Astar, is the sole participant in the fund-raising.
We are honored to enter into this partnership with Sony Network Communications, a Sony Group company renowned for its achievements in all sectors, including games, music, images and entertainment technologies,” enthused Sota Watanabe, the start-up’s CEO, in a statement.
Thanks to the resources and support of the Japanese multinational, Startale Labs will continue to work on developing “the infrastructure needed to support the worldwide adoption of Web3 “. On FortuneWatanabe indicated that the startup was also contributing on Polkadot and was also developing a project on Ethereum.
“I’m delighted to further strengthen our collaboration with Startale Labsa company with advanced Web3 technologies and expertise. We have already cooperated with Startale Labs by jointly hosting incubation programsto promote the development of Web3″, commented Jun Watanabe, president of So-Net.
🪙 @StartaleHQ secures ~$3.5M seed funding from Sony Network Communications, the operation company of Sony Group, forming a Capital Alliance to Build Global Web3 Infrastructure!@sonynetworkcom president Jun Watanabe will join Startale as a board member! https://t.co/MvAGENv3Db pic.twitter.com/lpRcE0D3Zi
– Astar, Future of Smart Contracts for Multichain (@AstarNetwork) June 28, 2023
Apart from the creation of a gas pedal with Astar, Sony has so far remained relatively aloof from Web3 technologies, at least publicly.
The Tokyo-based company has filed several patents. In March, it filed another patent to protect a system for transferring video game NFTs between different consoles.
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