Startale raises $63 million in funding with participation from Sony and SBI
Summary
- Startale said it raised a total of $63 million in its Series A round.
- It said the funding will be used to develop Strium, a Layer 1 blockchain dedicated to security tokens (STOs), and to expand its stablecoin business.
- It said the fundraising is an example showing that major Japanese companies are moving in earnest to build Web3 and stablecoin infrastructure.
Forecast Trend Report by Period
Japan-based Web3 company Startale has secured a major funding round.
According to CoinDesk, a media outlet specializing in virtual assets (cryptocurrencies), Startale raised a total of $63 million in its Series A round on the 25th (local time). The total combines $13 million secured from the Sony Innovation Fund in January and a $50 million investment from the SBI Group.
Startale is a Web3 company jointly established by Japan’s SBI Holdings, Sony, and the Astar Foundation.
The funding will be used to develop “Strium,” a Layer 1 blockchain dedicated to security tokens (STOs), expand its stablecoin business, and strengthen dedicated applications.
Previously, Startale disclosed the yen-pegged stablecoin JPYSC and the dollar-pegged stablecoin USDSC.
The fundraising is seen as an example showing that major Japanese companies are moving in earnest to build Web3 and stablecoin infrastructure.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
