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<p>Prominent Japanese internet service provider Sony Network Communications and Singapore-based Web3 company Startale Labs are undertaking a new <a href="https://startale.org/blog/39274" rel="noopener noreferrer nofollow">joint venture</a> to develop a blockchain network for facilitating the worldwide adoption of Web3.</p>
<h2 id="header-0">Cultivating an innovative Web3 ecosystem</h2>
<p>This comes after Sony Network Communications’ initial <a href="https://medium.com/@coinness.gl/sony-network-invests-3-5m-in-startale-labs-to-drive-global-web3-adoption-6ed113e108b0" rel="noopener noreferrer nofollow">$3.5 million investment</a> in Startale Labs back in June. Both companies expressed their commitment to paving the way for revolutionary Web3 applications through the development of a solid blockchain infrastructure. To do so, they said that they would leverage Sony Group’s knowledge and expertise in various sectors, such as gaming, music, entertainment, and financial services, to apply a multifaceted approach to the joint venture.</p>
<p>“By combining Sony Network Communications’ experience in communication, the Internet of Things (IoT), artificial intelligence (AI), and solution services with Startale Labs’ insights and technical prowess in Web3, we aspire to create a global infrastructure that underpins the Web3 era, driving innovation across existing industries,” said Jun Watanabe, President and Representative Director of Sony Network Communications.</p>
<p>The new business will be established this month under the name Sony Network Communications Labs.</p>
<p>“This joint venture is founded on the synergy created by our respective assets and knowledge, and it is aimed at collectively developing a leading blockchain ecosystem. We are determined to discern Web3 trends and drive them globally,” said Sota Watanabe, CEO of Startale Labs.</p>
<h2 id="header-1">Governmental support</h2>
<p>Sony Group, Sony Network Communications’ parent company, has consistently been making strides in the Web3 realm. Sony Bank, another affiliate of the group, joined hands with Mitsui &amp; Co. Digital Asset Management (MDM) a few months ago to establish MDM’s security token service Alterna.</p>
<p>These efforts have been encouraged by a backdrop of active support for Web3 and crypto businesses from the Japanese government. The Japanese National Tax Agency recently announced the <a href="https://medium.com/@coinness.gl/japans-new-tax-amendment-sparks-optimism-for-crypto-industry-cf3263d7d65" rel="noopener noreferrer nofollow">revised corporate taxation rules</a> for crypto assets, which renders companies exempt from taxes on unrealized gains from cryptocurrencies if the virtual assets were issued by the company and have been continuously held since issuance, or if they have remained subject to certain transfer restrictions since issuance.</p>
<p>Startale Labs’ popular smart contract platform Astar Network also recently launched an Ethereum layer 2 scaling solution dubbed <a href="https://astar.network/blog/astar-zkevm:-supernova-is-here!-39292" rel="noopener noreferrer nofollow">Astar zkEVM: Supernova</a> with Polygon Labs in a strategic move to expand Web3 adoption in Japan and onboard more enterprise partners.</p>

Sony Network Communications and Startale Labs to Launch Joint Blockchain Venture

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