Sony Group's
The JV company will be formed in September and will be named "Sony Network Communications Labs Pte. Ltd."
The new partnership will target to provide value-added services in all the business arenas of Sony and host blockchain-based offerings from Sony. The capital base stands at SGD 1 million with 90% investment from Sony Network Communications and 10% from Startale Labs.
Following suit of PayPal Holdings Inc
Startale CEO Sota Watanabe said, "Can you imagine what happens if Sony, a six times bigger company than Coinbase, launches their platform with Web3 Ways?"
Startale's History with Sony: Startale is a spin-off company of Astar Network. In February, Sony Network Communications collaborated with Astar to launch a web3 incubator to focus on DAOs and NFTs.
In June, Sony's subsidiary backed up with another $3.5 million investment in Startale.
Startale plans to double its workforce and thereby contribute further to Astar Network and Polkadot and thus embark on new projects for Ethereum. The Asian company believes that compared to the U.S., Asia offers a better corridor to create digital technology regulations which will further strengthen Sony and Startale's joint venture.
Price Action: At the time of writing, Sony's stock price was trading almost 3% higher.