Sony Launches New Layer-2 Blockchain

Yolowire 17-Jan-2025 5:40 PM

Japanese electronics giant %SonyGroup Corporation (NYSE:SONY) has launched a new layer-2 %Blockchain platform called %Soneium.

The general-purpose blockchain platform is a layer-2 network built on top of the %Ethereum (CRYPTO: ETH) protocol. Sony describes it as “a versatile general-purpose blockchain.”

The technology company known for its %PlayStation video game console says that Soneium has been designed to support gaming, finance, and entertainment apps.

Sony adds that the blockchain platform has been launched following a four-month test period that involved 14 million participants.

Analysts say Sony's foray into the technology that underpins cryptocurrencies is further evidence that large tech companies are looking to use blockchain to commercialize media.

For its part, Sony says that its new layer-2 blockchain “prioritizes user-centric design, simplifying blockchain interactions and evolving web3 from a niche hobby into an everyday experience.”

Sony adds that its Soneium blockchain enables users to transact on the Ethereum network quickly and at a low cost.

Other companies that use blockchains similar to the one from Sony include U.S. crypto exchanges %CoinbaseGlobal (NASDAQ:COIN) and %Kraken.

Sony’s stock has increased 4% over the last 12 months to trade at $20.50 U.S. per share.