- Samsung Next invests in Startale Labs, which is partnering with Sony to develop the Soneium blockchain.
- Startale Labs provides tools for Web3, supporting the Astar Network and Startale Cloud Services for dApps and smart contracts.
Samsung Next, the investment arm of South Korea’s tech giant Samsung, has announced a new investment in Startale Labs. This investment comes as Startale Labs forms a joint venture with Japanese powerhouse Sony to co-develop Sony’s blockchain project, Soneium.
Startale Labs is known for its key services that support blockchain technologies such as the Astar Network, Soneium, and Startale Cloud Services. According to the official announcement, Samsung Next investment Startale Labs aims to strengthen the development of the Soneium network, designed to enhance the Ethereum Layer 2 ecosystem.
At the end of June, Startale Labs raised $3.5 million in funding from Sony Network Communications Inc., which helped its development efforts. Additionally, the company recently formed a joint venture with Sony Group to advance the Soneium blockchain network, ensuring its validity and scalability for future dApps.
Samsung Deepens Web3 Involvement
Samsung’s interest in web3 and cryptocurrency is growing as the company seeks new market opportunities. Samsung’s open-minded strategy allows them to invest in and support advanced Web3 projects.
Further, in June, Curve, a leading digital wallet, secured an investment from Samsung Next. This new funding pushes Curve’s total raised funds to over $250 million. This funding will enhance Curve’s products and services for financial consumers.
Curve has introduced a feature called Go Back in Time, which allows users to change the payment source for transactions after they’ve been completed. This innovation provides greater flexibility in managing rewards and helps users avoid additional fees.
However, Samsung Next is excited to deepen its involvement with Startale Labs through the Soneium Spark Incubation Program. This initiative aims to support innovative creators and entrepreneurs by transforming groundbreaking concepts into viable market solutions, fostering long-term success in the blockchain industry.