Samsung's investment arm, Samsung Next, has announced its investment in the Web3 company Startale Labs. This move is notable as it follows Startale Labs' recent establishment of a joint venture with Sony.
According to Samsung, their decision to invest is linked to Startale Labs' efforts to address the main challenges in the Web3 ecosystem by providing essential tools and infrastructures such as Soneium, Astar Network, and Startale Cloud Services. Startale Labs' products simplify the development and deployment of decentralized applications and smart contracts, reducing barriers such as high entry costs, technical complexity, and lack of interoperability, making the ecosystem more accessible and scalable for both developers and enterprises.
Samsung believes that Startale's role in the growth and adoption of Web3 is critical, as it serves as a gateway to greater autonomy.
Sony's Collaboration with Startale Labs
Recently, Startale Labs and Sony have started collaborating to effectively design and smoothly implement Sony’s L2 blockchain, Soneium. This blockchain would also promote the delivery of comprehensive Web3 solutions from infrastructure to the application layer. "End-users can access Soneium via applications compatible with the Soneium network and interact with Web3 games and NFT marketplaces provided by any application, as well as entertainment-related services. By leveraging blockchain technology, the activity history within the apps is managed in a more decentralized and autonomous manner compared to the traditional internet. Each app can be accessed using a digital wallet."
John Yim, an investor at Samsung Next, mentioned that Samsung will participate in the Soneium Spark Incubation Program. The program aims to foster a community of visionary creatives and innovators.
Startale Labs also expressed excitement about the support from Samsung Next.
"We are honored that Samsung Next supports Startale’s commitment to making Web3 more accessible globally. We will continue to develop programs and products that drive innovation."
Samsung also highlighted that Startale Labs and its founder, Sota Watanabe, are highly regarded in Japan. The country is known as a leading hub for Web3 innovation due to its tech-savvy population, government support, and substantial investments.
At the time of writing, Sony's stock price had fallen by 2% to $95 despite this exciting announcement. Samsung Electronics Co Ltd.'s shares also dropped by 3%. Analysts attribute these declines to the actions of the U.S. Department of Justice against Nvidia.
