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Sony has announced plans to create its own blockchain.
Sony, Japan's largest giant in video games, consumer technology and even banking, has invested $3.5 million in Startale Labs, a blockchain developer in Japan.
The investment is direct and there are no other backers in the round, Sota Watanabe, CEO of Startale, told Fortune. He declined to provide the company's estimated valuation.
“We are already collaborating with Startale Labs to jointly organize incubation programs aimed at promoting the development of Web3,” Sota Watanabe, president and CEO of Sony's Internet division, said in a statement.
“Through this partnership, we combine the knowledge and technical capabilities of Startale Labs at Web3 with the expertise and business areas accumulated by Sony Network Communications.”
According to the investment agreement, Sony's Sota Watanabe will also be named director of Startale.
Sony's capital injection into Web3 comes as the blockchain industry's center of gravity looks beyond Silicon Valley to Asia-Pacific markets, given ongoing regulatory uncertainty in the US amid the federal government's recent crackdown on cryptocurrencies.
Hong Kong and Singapore have emerged as crypto hubs, and even Japan's ruling party has spoken favorably of Web3 and is seeking to position the country as an industry hub.
“The US government is hesitant to make cryptocurrency available for use. Regulation is becoming increasingly stringent,” Sota Watanabe told Fortune. “China, Singapore, Japan and Korea see this as an opportunity for them to break through.”
The Astar network, “the most famous layer 1 blockchain in Japan,” says Watanabe, is a POS blockchain, like Ethereum. However, developers can be paid in the ASTR network's native token if the Astar community deems their app legitimate and useful.
Watanabe is one of the core developers of the Astar Network, a layer 1 blockchain built on top of Polkadot, a protocol connecting blockchains.
What’s interesting is that, at its core, web3 is now the main direction of Internet development, and the idea implies that control over data moves from technology corporations to each individual individual. Compared to Web1 and Web2, Web3 (or Semantic Web) pays great attention to decentralization.
But it is precisely those same world’s largest telecommunications and financial corporations who invest the largest funds in the development of applications in web3.
#GateioBountyCreator# #NewsMessenger# #HotTopicDiscussion# #ContentStar# #Gateio# #GateLive# #BountyCreator# #MyFancyCreator# #ContentMining# Ripple’s Tenacity Meets SEC’s Challenge In Pivotal Lawsuit
The case, which has been unfolding for nearly three years, centers around allegations that Ripple and its co-founders violated securities laws by selling $1.3 billion worth of its native cryptocurrency, XRP, without proper registration.
Monica Long, President of Ripple, stated to CNBC that they are determined to “fight the case all the way through.” Ripple has consistently argued that XRP should not be classified as a security but rather as a commodity, a stance backed by a pivotal ruling by U.S. District Judge Analisa Torres in July, which indicated that XRP may not necessarily be deemed a security.
The SEC, however, maintains its position that the company violated securities law by making XRP available to retail investors through crypto exchanges. The regulatory agency recently responded to a Ripple memo, asserting the need for appeals court intervention to resolve this crucial question. The company had argued that the SEC’s case did not merit an appeal.
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