In a recent press release released on September 3, Samsung’s investment arm, Samsung Next, is investing in Startale Labs, the Web3 firm behind Astar Network, to advance Blockchain technology.
This move comes almost a week after Startale Labs formed a partnership with Sony’s new web3 division, Sony SBL, to develop an Ethereum Layer-2 network project, Soneium Blockchain.
Samsung Next Invests In Startale Labs To Push Blockchain
In an official announcement from Samsung, South Korea’s tech giant is planning a new investment in Startale Labs. According to Samsung, the essence of the partnership is to push for the widespread adoption of Web3.
Samsung stated that the current digital economy operates within a centralized system, which is faced with major issues of transparency and security.
The company added that one way to overcome this system is to move towards the decentralized Web3 ecosystem, which is equitable, transparent, interoperable, secure, and open.
However, Samsung highlighted widespread adoption as the major challenge with Web3 technology. As a result, Samsung, knowing fully well the importance of Startale Labs in advancing Web3 adoption, decided to form a partnership with the company.
Startale Labs is well-known for providing the necessary tools and infrastructures for developing and deploying smart contracts and DApps and for supporting blockchain technologies.
Some of the solutions designed by Startale Labs have helped to eradicate key barriers to Blockchain technology, like technical complexity, interoperability challenges, and high entry costs.
Thus, it would ultimately help in making Web3 technologies more accessible and scalable for both developers and businesses.
According to the press release, Samsung Next’s partnership with Startale Labs is to strengthen the development of the Ethereum Layer-2 Soneium Blockchain and make it more scalable and accessible to both firms and developers.
Samsung Next will participate in the upcoming Soneium Spark Incubation Program, which aims to build a developer ecosystem that will shape the future of Web3.
Samsung Next is not just investing in Startale Labs; the tech giant is actually collaborating with Startale Labs in their upcoming Blockchain and big crypto firm.
Samsung’s Growing Involvement in Web3
The partnership with Startale Labs aligns with Samsung’s original plan for the digital economy. Before now, Samsung has been planning to dive into the world of cryptocurrency and Web3.
Sometime this year, it was reported that Samsung Next invested in Curve crypto wallet to promote its growth in the FinTech industry.
Samsung Next’s partnership with Startale Labs placed Samsung at the forefront of the ever-growing Web3 technology.
The partnership will definitely make a significant impact on Blockchain technology, giving it more widespread adoption and making it more practical and accessible for both developers and businesses across the world.
