With a market valuation of $100 billion, Sony has long talked about diversifying its holdings. To build its diversified portfolio, the company has entered the cryptocurrency market.
Sony is working to expand its presence in the Web3 sector. Sony Network Communications, the conglomerate’s business arm, partnered with Japanese blockchain company Startale Labs last year to build Sony’s own public blockchain network.
Sota Watanabe, founder and CEO of Startale Labs, revealed on Monday that Startale’s external director will lead Sony’s new cryptocurrency exchange.
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