coingeek.com
Two technology companies operating out of Singapore—Startale Labs and Astar Network—have partnered with Japanese telecom behemoth KDDI to push the boundaries of Web3 in the Southeast Asian country.
The trio signed a memorandum of understanding (MOU), with each party pledging to pool resources to “accelerate” the acceptance of blockchain. Per the MOU, the firms confirmed they will focus on exploring broader use cases for blockchain across various sectors.
“By working together, they aim to bring blockchain technology to the forefront, ensuring that it not only plays a significant role in our daily lives but also paves the way for groundbreaking advancements in Web3,” read the announcement.
Astar Network has an impressive resume dealing with blockchain, operating as a parachain with Polkadot. On the other hand, Startale Labs has been sinking its feet into Web3 through a string of innovative offerings and partnerships in recent months.
KDDI’s extensive experience in the Japanese telecom market completes the puzzle, with analysts predicting a wider reach for collaboration across Southeast Asia and the Far East. The telecommunications giant has previously experimented in digital assets, but a combination with Astar’s Network scaling solutions is expected to open new pathways for the ecosystem.
“This alliance represents an exciting step toward transforming the digital landscape, creating a harmonious coexistence between blockchain technology and the telecommunications sector,” read the press release.
The trio disclosed their strong intent to explore blockchain functionalities in digital identities, decentralized finance (DeFi), supply chain transparency, cross-border transactions, and increased privacy.
The partnership says it will be keen on bolstering its rank in the coming weeks by onboarding new firms from multiple sectors. Per the MOU, the collaboration will place a premium on a user-friendly Web3 experience and a seamless integration into existing processes.
Japan and Singapore make another play for Web3 dominance
In the early days of blockchain, Japan and Singapore emerged as leading destinations for Web3 companies, but a series of catastrophic events sent both jurisdictions several paces back.
While attempts at a resurgence may be described as lethargic, private players are making a valiant effort to revive their local digital currency ecosystems. In Singapore, digital asset service providers have been ordered to place client funds in a statutory trust to protect investors from black swan events in the space.
In Japan, Prime Minister Fumio Kishida disclosed that non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), and DeFi may be the building blocks for a prosperous digital economy. Still, critics point to the recent exit of Coinbase as the start of a worrying trend for the sector.