Sony Network Communications, a subsidiary of global tech giant Sony, announced late Monday that is it developing a new blockchain platform in a joint venture with crypto tech firm, Startale Labs. The Singapore-based joint venture will be known as Sony Network Communications Labs Pte. Ltd.

“We are excited to announce the establishment of this joint venture with Startale Labs, a company renowned for its advanced Web3 technology and expertise,” said Sony Network Communications President and Representative Director Jun Watanabe, in a statement.

He suggested that the Sony subsidiary will pair its experience in areas like “IoT, AI, and solution services” with Startale’s blockchain industry focus to “create a global infrastructure that underpins the Web3 era, driving innovation across existing industries.”

According to the announcement, the Singapore-based joint venture firm has 1 million SGD in capital, which is roughly equivalent to $733,000. Sony owns 90% of the venture, while Startale maintains 10%. Sony previously announced in June that it had invested $3.5 million into Startale.

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Author: Kate Irwin

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