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Samsung's investment arm, Samsung Next, has invested in Web3 startup Startale Labs, a key player in Sony's Soneium blockchain development. The collaboration marks a significant step in advancing decentralized applications, though both companies have seen stock declines recently.
Sony and Samsung Partner on Soneium Blockchain
The South Korean IT major Samsung's investment arm, Samsung Next, has now announced its investment in Web3 startup Startale Labs.
The investment has quickly gained a lot of attention as Startale Labs and Sony just formed a joint venture to develop Soneium, Sony's Layer 2 blockchain.
Samsung's Role in Boosting Blockchain Infrastructure
Startale Labs is reportedly at the "front of solving key challenges" in the industry by streamlining "essential tools and infrastructure, such as the Astar Network, Soneium, and Startale Cloud Services." As a result, Samsung has announced on September 3 that they will be investing in the Web3 firm.
Decentralized apps (dApps) can be easily built and deployed with these technologies, and they work across ecosystems.
Web3 Technologies Address Key Industry Challenges
To make Web3 technologies more practical, the solutions also remove obstacles such as high entrance prices, lack of interoperability, and technical complexity. A post from Startale Labs on September 3rd on X hinted at more developments in the pipeline:
According to Coingape, the electronics firm went on to say that Startale Labs and its founder, Sota Watanabe, are enormously respected in Japan as part of its statement. On a national level, this opens the door even further for the advancement of Web3 technology.
The recent launch of Ethereum Layer 2 Soneium by Sony, which makes use of joint operations from Startale Labs, is another noteworthy milestone in this line of history. Last week, the tesnet Minato for layer 2 went live.
Stock Prices of Sony and Samsung Decline
Nonetheless, the stock price of Sony (SONY) fell 2.13 percent to $95.48 today, even though the company made several positive comments. The share price of Samsung Electronics Co., Ltd. fell 3% to 70,300 KRW.
Curiously, the stock market's rejection of Nvidia and the BoJ's intentions to increase interest rates are the main causes of this drop.
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