Sony Group Announces New Ethereum Based Blockchain Initiative

Sony Group and Startale have unveiled their new joint blockchain venture, Soneium, which is their initial Ethereum Layer-2 solution designed to enhance scalability and user experience with the goal of mainstream adoption.

Last December, SBI Holdings, the primary cryptocurrency finance group of Japan, and Saudi Aramco, the second largest company in the entire world, disclosed a strategic collaboration. The partnership aimed to delve into mutual investment in their respective digital asset portfolios and the development of semiconductor facilities in both countries.

Supporting Web3 Applications

Upon its introduction, Soneium aims to support Web3 applications in various domains such as entertainment, gaming, and finance, according to Sony Block Solutions Labs. Sony Group has robust distribution networks across numerous industries and a large user base in everyday life, stated Sota Watanabe, Founder of Astar Network and Director of Sony Block Solutions Labs.

The venture is currently preparing for an upcoming testnet launch, although the specific date has not yet been announced. Technical details regarding the platform and its tools as well as developer requirements will be revealed in the coming weeks, according to Sony Block Solutions Labs.

Enhancing Liquidity

For the testnet phase, Astar Network will integrate its zkEVM assets and infrastructure with Soneium to enhance the initial liquidity of the new blockchain. Sony Block Solutions Labs mentioned that future applications of Soneium could include safeguarding creator rights and establishing new methods for equitable profit-sharing between creators and their audience.

Additionally, it was reported last month that Sony is working on launching a local cryptocurrency trading platform in Japan. The Asian country is quickly becoming a popular destination for crypto due to its advanced technological infrastructure, supportive regulatory environment, and high levels of public interest and adoption in digital currencies.