Samsung Next, the investment arm of Samsung Group, has made a huge commitment by supporting the Startale Layer-2 project Soneium. The Web3 startup took to X to announce the latest collaboration.
It claimed this is a move to support its commitment to delivering more accessible Web3 solutions and a decentralized future. Startale also noted that Samsung Next would participate in the Soneium Spark incubation program.
Soneium is a product of the joint venture between Sony Group and Startale Labs. Astar Network even announced the transition of its zkEVM assets to Soneium L2. This would bring new developments and opportunities to the community and stakeholders.
Samsung Next Explains the Reason For Soneium Investment
John Yim, an investor at Samsung Next, shared his opinion on why the company chose to invest in Soneium. He believes that the collaboration with Startale Labs results from the company’s forward-thinking approach towards challenges.
Yim lauded the firm’s history of solving key challenges in the Web3 ecosystem by providing essential tools and infrastructure. He listed Astar Network, Soneium, and Startale Cloud Services as solutions that Startale Labs has helped develop over the years.
These tools and infrastructures generally simplify the development and deployment of Decentralized Applications (dApps) and smart contracts. They also reduce barriers like high entry costs, lack of interoperability, and technical complexity.
Fusion of Web2 And Web3
In the long run, these solutions make Web3 technologies more accessible and scalable for developers and businesses alike. Such developments usually facilitate the integration of Web3 technology into real-world applications, expanding its reach and appeal to a wider audience.
This wholesome fusion of Web2 and Web3 is fast becoming a focus for several protocols. Soneium has been under development since September 2023. Its focus is on addressing the challenges associated with security, scalability, and decentralization.Â
It also aims to deliver user-friendly experiences across gaming, entertainment, and finance. In general, traditional firms are becoming more interested in crypto and Web3 solutions. Some are collaborating with such firms or making significant investments in their projects.
Tokenization is one unique way these Web2 firms are entering the scene. BlackRock and Franklin Templeton are among the firms championing this adoption trend.
Crypto Industry Sees Mainstream Adoption
The crypto industry has enjoyed significant mainstream involvement, especially this year. This January, the United States Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs. Five months later, it gave the same support to Ethereum ETFs.
This regulator’s resolution became a stepping stone for institutional investors who became more confident about taking a slice of the crypto market. Institutional investors like Morgan Stanley, Goldman Sachs, and many others are now neck-deep in these crypto ETFs.
Goldman Sachs has a large exposure to seven US Bitcoin ETFs. The biggest position as of mid-August was 6,989,961 shares of BlackRock iShares Bitcoin Trust (IBIT) worth $238 million and $80 million in Fidelity’s FBTC, comprising 1.51 million shares.
During the same period, it invested $56 million in Invesco Galaxy’s BTCO and $35 million in Grayscale’s GBTC. Other investments in Bitwise’s BITB, WisdomTree’s BTCW, and Ark’s ARKB are lesser investments of more than $9 million.
