Sony teams up with Startale Labs to launch a new blockchain project, aiming to shape the future of web3. Big names like PayPal and Nubank also dived into the crypto world.
Sony Network Communications, A part of the big $106B Sony company, is joining hands with Startale Labs to create a new blockchain system. This was announced on Sept. 12. Sony wants this blockchain to be a big part of web3. They also want to have their own special offerings on this system.
Both companies will work together in a new project named Sony Network Communications Labs. Sony Network Communications started in 1995 as an internet provide, but now they also work on new technologies like IoT and AI. Today, Sony Network Communication is worth $54M.
Even though the crypto market is not doing so well, big companies like Sony are still interested in web3. Last month, PayPal, a worldwide payment company, started using Ethereum for its new coin, PYUSD. They also let people change real money to crypto and vice versa.
Nubank, a big finance company in Latin America, made a new app and coin named Nucoin in March. This uses technology from Polygon and is for their loyal customers.
Sony and Startale have been partners since February. Back then, Sony Network Communications and Astar Network started a new project for web3. Sony later invested $3.5M in Startale. The CEO of Startale Labs, Sota Watanabe, is excited about working more with Sony. He even mentioned how Sony's new system could be even bigger than what Coinbase made recently (Base).