Breaking: Samsung Backs Sony Blockchain Soneium Development Team

In a riveting turn of events, Samsung Next, the investment arm of South Korean giant Samsung, has recently announced investment in Startale Labs, a Web3 company. The investment has promptly garnered significant attention as Startale Labs recently established a joint venture with Sony to develop Sony’s Layer 2 blockchain, Soneium.

Samsung Next Invests In Startale Labs

According to an official Samsung announcement dated September 3, investment in Startale Labs comes as the Web3 firm stands at the “forefront of solving key challenges” in the industry by streamlining “essential tools and infrastructure, such as the Astar Network, Soneium, and Startale Cloud Services.” These tools facilitate the seamless development and deployment of dApps (decentralized applications) across ecosystems.

Further, the solutions also eradicate barriers like high entry costs, lack of interoperability, and technical complexity, making Web3 technologies more feasible. In an X post dated September 3, Startale Labs added- “It’s an honor to share that Samsung Next supports Startale’s commitment to make Web3 more accessible globally. We’ll continue to develop programs and products that drive innovation forward,” hinting at more developments in the pipeline.

The electronics company added in its announcement that Startale Labs and its founder, Sota Watanabe, are highly-esteemed in Japan. This further paves the way for advancing Web3 technologies nationwide.

Meanwhile, pertaining to these developmental chronicles, it’s also worth noting that Sony recently launched Ethereum Layer 2 Soneium, leveraging joint operations from Startale Labs. The tesnet Minato for the layer 2 went live the previous week.

Company Stocks Conversely Slip

However, despite the optimistic announcements, Sony (SONY) stock price saw a 2.13% decline in value to close at $95.48 today. Samsung Electronics Co Ltd stock price witnessed a 3% decline to 70,300 KRW (Korean Won). Intriguingly, this crash is primarily attributable to the stock market taking a hit with the U.S. DoJ’s recent Nvidia crackdown and BoJ’s plans to raise interest rates.

In another unprecedented development, the U.S. DoJ recently issued a subpoena to Nvidia as the regulatory body sought evidence that the AI chip manufacturing giant violated antitrust laws. Subsequently, the broader market witnessed a ripple effect, with even the S&P 500 slipping over 2% today, and the crypto market taking a bearish turn. NVDA Stock price plummeted over 9% to $108 in the aftermath.

Moreover, as the BoJ (Bank of Japan) recently hinted that it looks to increase interest rates, the market takes further heat. Traders and investors continue to extensively monitor recent trends anticipating further price action shifts ahead.