Sony Poised to Roll Out Ethereum Layer-2 Blockchain in Coming Days

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated:

August 23, 2024 01:11 EDT

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Japanese conglomerate Sony — a trendsetter in electronics, entertainment, and gaming — is developing its blockchain.

Sony Block Solutions Labs, a collaboration between Sony and Singapore-based Startale Labs, announced Friday that it is launching a layer-2 network on Ethereum called “Soneium.”

The launch comes after Sony reported a 10% profit increase in the first quarter this year, with its gaming and music divisions fueling growth.

Soneium plans to introduce Web3 applications in entertainment, gaming, and finance once launched. The project seeks to leverage Sony’s vast global presence in the Web2 space.

Sony Gears Up for Blockchain Launch with Focus on Industry-Wide Applications

Sony aims for the blockchain to operate as a versatile, multi-purpose platform. It will be designed to address needs across various industries while serving users globally.

“Our aim is to empower developers, creators, and communities with a robust, developer-friendly environment backed by scalable technology,” the division said in a statement.

The joint venture is currently focused on launching the blockchain’s testnet. Meanwhile, the mainnet launch date has not yet been announced. Sony Block Solutions Labs said that Soneium will provide technical details about the platform’s tools soon. Subsequently, developer requirements will be released in the coming weeks.

Further, Astar Network plans to integrate its zkEVM with Soneium for the testnet launch. This integration will include its assets and underlying infrastructure. The goal is to boost the new chain’s initial liquidity.

Sony Deepens Digital Finance Push

Sony Block Solutions Labs announced that future Soneium applications will concentrate on safeguarding creators’ content rights. It also plans to introduce systems that ensure fair profit-sharing between creators and their fans.

In June, Sony entered the crypto exchange market by purchasing Amber Japan. Earlier, Sony ventured into the non-fungible token(NFTs) space by filing a patent. This patent focuses on a framework designed to transferr and use digital assets across gaming platforms.

These actions underscore Sony’s dedication to adopting digital financial innovations, aligning with the upward trend in the digital asset market.