Samsung Next Invests in Startale Labs Amid Blockchain Partnership with Sony

Samsung Next, the investment arm of South Korean giant Samsung, disclosed that it supported a Web3-focused business called Startale Labs. This investment has received much attention especially given that Startale Labs has recently partnered with Sony to collaborate on Sony’s Layer 2 blockchain, Soneium.

Samsung Next Invests In Startale Labs  

The official announcement from Samsung on September 3 stresses that the investment in Startale Labs occurred at the same time as Samsung’s leadership at the “forefront of solving key challenges” in the industry through improving “core technologies and supporting frameworks” such as Astar Network, Soneium, and Startale Cloud Services. These resources are intended for making it easy to build and deploy dApps in the ecosystems of different blockchain platforms.

Furthermore, these solutions solve problems such as high entry costs, lack of interoperability, and technical complexity which enhance the adoption of Web3 technologies. In the post on September 3 on X, Startale Labs stated that, “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,”  indicating that more advancements might be on the horizon. 

The electronics giant also explained that Startale Labs and its founder, Sota Watanabe, are popular personalities in Japan, thus paving the way to advance Web3 technologies in the country.

Meanwhile, Sony has recently launched Soneium, an Ethereum Layer 2 Blockchain, with assistance from Startale Labs. Layer 2 has its testnet Minato that was launched in the previous week.

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Company Stocks Drift Downward  

Despite these positive announcements, Sony (SONY) stock has lost 2.13%  to reach $95.48 today. The shares of Samsung Electronics Co. Ltd. also tumbled by 3% to 70,300 Korean Won. This decline is mainly due to the broader market concerns that have stemmed from the recent action by the U.S. Department of Justice against Nvidia and from indications of BoJ of possible interest rate increases.

the U. S. DOJ demanded a subpoena to Nvidia in an effort to find proof of antitrust violations. This action led to a domino fallout throughout the market and affected the S&P 500 with a 2% drop today; the crypto market consequently turned bearish. NVDA stock fell by more than 9% and reached $108 after the news. Furthermore, with the BoJ signaling that they may increase the interest rates, the existing pressure on the market intensifies. They are still attentive to the current trends because they expect movements of changes in the price action.

Stock Market Crash Triggers Crypto Market Sell-Off

Many traders have not forgotten the events of August 5 in terms of stock market crashes, and the aftermath is still present in the financial market. Price activities in both the cryptomarkets and stock markets are yet again unpredictable with the U. S Federal Reserve interest rate decision announcement scheduled for 18th September.

September is historically considered one of the most challenging months for both cryptocurrency and stock markets. Considering the fact that both stocks rise and fall hand in hand, monitoring both can assist in deciphering midterm price movement.

Global Stock Market Suffers a Loss

In the first week of September, world stock markets such as the Nikkei 225, Asia Dow, and S&P 500 are down sharply. In a span of just 24 hours, the stock market experienced a staggering loss of $1.05 trillion which was primarily driven down by semiconductor giants such as AMD and Nvidia Corp. As reported by Coinpedia, the U.S. Department of Justice has served Nvidia Corp and other associated companies with a subpoena in regards to possible antitrust concerns. This legal issue has also contributed to eradicating investor confidence. The bearish run, investor confidence and the market is anticipated to remain in the negative trend over the forthcoming weeks.