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Samsung and UOB invest $3.5 million in Astar's core developer to accelerate Web3 adoption

Feb. 22, 2024

ASTR token sees a significant 5% price increase following investment news.

Samsung and UOB invest $3.5 million in Astar's core developer to accelerate Web3 adoption

Samsung NEXT Ventures, the investment arm of Samsung NEXT, and UOB Venture Management, a subsidiary of the Singapore-based United Overseas Bank (UOB), have collectively invested $3.5 million in Startale Labs, a core development company on Astar Network, to fuel the expansion of its Web3 product suite, as announced by Startale Labs on Wednesday.

We are thrilled to announce that we have closed a $3.5m seed extension round and raised from UOB Venture Management and Samsung Next. Together with a $3.5m seed investment from Sony, we raised $7m at the seed round in total. Let’s go bold.https://t.co/u5zQfgRK2g pic.twitter.com/qrHl4adniL

— Startale (@StartaleHQ) February 22, 2024

In a blog post published on Wednesday, Startale Labs said the new funding brings the company’s total seed capital to $7 million, including an earlier contribution from Sony Network Communications in June last year. According to the firm, the fresh capital will be used to ramp up top talent hiring and product development in the Web3 space.

“The funds raised in this round will be used for the development of Web3 products and the recruitment of top talent worldwide. Startale strategically raises funds from leading companies in Asia, with the goal of becoming the leading Web3 company in Asia and continuing its business development efforts,” Startale Labs outlined its plans.

Positioned at the forefront of the Web3 revolution, Startale Labs is known for its contribution to the development of Astar Network, a leading public blockchain platform in Japan. Furthermore, the company has made significant strides in providing foundational Web3 infrastructure via its Startale Web3 Cloud service. The company recently announced the beta launch of Startale Web3 Cloud through a joint venture with Sony Network Communications.

Following the news, the price of Astar Network’s token ASTR rose by 5% to $0.167, according to CoinGecko’s data. ASTR is currently trading at around $0.165.

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