In a riveting turn of events, Samsung Next, the investment arm of South Korean giant Samsung, has recently announced investment in Startale Labs, a Web3 company. The investment has promptly garnered significant attention as Startale Labs recently established a joint venture with Sony to develop Sony’s L2 blockchain, Soneium.

Samsung Next Invests In Startale Labs

According to an official announcement dated September 3, Samsung Next’s investment in Startale Labs comes as the Web3 firm stands at the “forefront of solving key challenges” in the industry by streamlining “essential tools and infrastructure, such as the Astar Network, Soneium, and Startale Cloud Services.” These tools facilitate the seamless development and deployment of dApps (decentralized applications) across ecosystems.

Further, the solutions also eradicate barriers like high entry costs, lack of interoperability, and technical complexity, making Web3 technologies more feasible. Notably, pertaining to this, Sony recently launched Ethereum L2 Soneium, with its tesnet Minato going live the previous week.

However, despite the optimistic investment announcements, Sony (SONY) stock price saw a 2.13% decline in value to close at $95.48 today. Intriguingly, this crash is primarily attributable to the stock market taking a hit with the U.S. DoJ’s recent Nvidia crackdown.

U.S. DoJ Issues Subpoenas To Nvidia

In another unprecedented development, the U.S. DoJ recently issued a subpoena to Nvidia as the regulatory body sought evidence that the AI chip manufacturing giant violated antitrust laws. Subsequently, the broader market witnessed a ripple effect, with even the S&P 500 slipping over 2% today, and the crypto market taking a bearish turn. NVDA Stock price plummeted over 9% to $108 in the aftermath.

The current market expresses concerns despite Samsung Next’s investment announcement that showcases aid to emerging partnerships within the Web3 space. Moreover, as the BoJ (Bank of Japan) recently hinted that it looks to increase interest rates, the market takes further heat. Traders and investors continue to extensively monitor recent trends anticipating further price action shifts ahead.

The post Breaking: Samsung Backs Sony Blockchain Soneium Development Team appeared first on CoinGape.

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Filed under: News - @ September 4, 2024 6:22 am