Sony Network Communications, a subsidiary of the Japanese conglomerate, has announced a partnership with Starlate Labs to develop a new blockchain network, according to a Sept. 12 press statement shared with CryptoSlate.

The two companies entered into a joint venture agreement for the purpose, and the goal is to make the new blockchain the backbone of global Web3 infrastructure.

With Sony Networks focusing more on telecommunications and the Internet of Things, the partnership with Starlate provides the much-needed expertise on blockchain technology.

Starlate is a Singaporean company with expertise in Web3 infrastructure and the development of innovative products necessary for Web3 adoption. Starlate was formerly part of Astar Network before it was spun off into a new company.

New entity formed

The partnership between the two companies has led to the formation of a new entity, Sony Network Communications Labs Pte. Ltd. The Labs will be involved in Sony Group’s diverse business offerings to offer value-added improvements and services in various sectors.

Given Sony Group’s status, its involvement in blockchain represents a significant milestone for blockchain technology. It also underscores the potential that big tech corporations see in Web3 technologies.

Speaking about the collaboration, the President and Representative Director of Sony Network Communications, Jun Watanabe, expressed his excitement and noted that both companies will combine their capabilities to create a global Web3 infrastructure.

Meanwhile, Sota Watanabe, the CEO of Starlate, described the partnership as the biggest announcement in the company’s history.

According to him, it could be a game-changer for Web3. He pointed out how Coinbase Base has shown that traditional companies can succeed with Web3 products and integrations.

“This joint venture is founded on the synergy of our respective assets and knowledge, aimed at co-developing leading blockchain and its ecosystem. We are determined to discern web3 trends and drive them globally,” he added.

The post Sony subsidiary and Starlate join forces to build new blockchain for global Web3 infrastructure appeared first on CryptoSlate.

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Filed under: Bitcoin - @ September 12, 2023 4:15 pm