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Why Samsung Joined Sony in Betting Big on Startale Labs

Why Samsung Joined Sony in Betting Big on Startale Labs

DailyCoinDailyCoin2024/09/04 17:00
By:DailyCoin
  • Samsung buys into Startale LabsWeb3 vision.
  • Startale Labs and Sony run a joint venture together.
  • Samsung expects the joint venture to take Web3 mainstream.

Web3 is touted as the next iteration of the internet, encompassing concepts like decentralization, blockchain technology, and token-based economies. While tech giants dominate today’s internet, Startale Labs champions Web3 as a superior alternative, promising user control, transparency, and autonomy.

Sponsored

However, Web3 is criticized for lacking substance, with some dismissing it as marketing hype. Yet John Yim, an investor at Samsung’s VC arm, Samsung Next, remains bullish. Despite the skepticism, Yim sees Web3 as the future of digital innovation and considers Startale Labs’ work in this sector a worthy investment.

Samsung Investor Sees a Web3 Future

In a recent blog post, Yim outlined his rationale for investing in Web3 firm Startale Labs by highlighting the current internet’s shortcomings in its opaque systems, security flaws, and high entry barriers for newcomers. 

Thrilled to support @StartaleHQ in their mission to build a decentralized future! Excited to see the impact they'll have on the Web3 ecosystem🚀

More on why we invested from John Yim: https://t.co/5zXtnPSPV8

— Samsung Next (@SamsungNext) September 3, 2024

Yim positions the appropriate development of Web3 infrastructure as the solution to these issues, envisioning a digital landscape that’s more transparent, secure, and equitable for all participants.

However, Yim acknowledged that for Web3 to achieve mainstream success, it must be more accessible and appealing, necessitating the development of suitable infrastructure and tools.

Yim highlighted Startale Labs’ strong reputation in Japan as a significant factor in the investment. Thanks to supportive government initiatives and a tech-savvy population, Japan is at the forefront of Web3 innovation.

The investor also mentioned Startale Labs’ joint venture with Sony to develop the Soneium blockchain, indicating that Yim believes Sony has the potential to advance Web3 into the mainstream, a goal that has eluded crypto firms to date.

Sony’s Blockchain is For Everyone

Sony revealed further details of its Soneium blockchain in August, confirming that it intends the platform to be “a versatile, general-purpose blockchain ready to serve diverse needs across all verticals and support users globally.” 

Built as an Ethereum Layer 2 solution on Optimism’s OP Stack, Soneium leverages a developer-friendly framework known for its simplicity . This strategic choice aligns with Sony’s vision of creating an accessible blockchain ecosystem.

Startale Labs founder Sota Watanabe stated on Soneium, “Everyone is a creator, no matter where you are or what you do.” This approach emphasizes the ability for everyone, not just programmers, to create on Soneium. 

In February, Startale Labs raised $3.5 million in a Series A funding round, with participants including Samsung Next, Signum Capital, and Sony Network. 

This followed an initial $3.5 million seed round in June 2023, exclusively funded by Sony Network, bringing Startale’s total funding to $7 million to date.

On the Flipside

  • Samsung and Sony have had a long-running partnership since 2004 in display technology manufacturing .
  • Sony‘s foray into Web3 and blockchain is a significant departure from its core manufacturing business.
  • Yim‘s views may not reflect those of other Samsung divisions.

Why This Matters

The combined resources of Samsung and Sony could mark a turning point in Web3 development, traditionally dominated by smaller crypto firms lacking the UX expertise and scale of tech giants.

Sony reveals details of its Soneium blockchain.
How Sony Plans To Take Web3 Mainstream with Ethereum Layer 2 Foray

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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