Sony Ventures into Cryptocurrency Sphere
Recent reports from “The Block” indicate that tech giant Sony is gearing up to revamp the Japanese cryptocurrency exchange WhaleFin, which it acquired last year. The overhaul includes enhancing and updating the user interface design and launching a new, more user-friendly application and services. Post-renovation, the exchange will also expand its supported cryptocurrencies.
Information from Wu’s blockchain insights reveals that Singapore market maker Amber Group acquired Japan’s cryptocurrency exchange DeCurret in early 2022, renaming it Amber Japan and launching the digital asset platform WhaleFin in Japan. However, the collapse of FTX led to significant losses for Amber Japan in 2022.
To alleviate financial woes, Amber Japan undertook Series C funding in December 2022, raising $300 million to protect clients affected by the FTX collapse. In April 2023, Amber Group announced it was considering selling its Japanese subsidiary, and Quetta Web, a subsidiary of the Sony Group, stepped in to acquire Amber Japan.
Amber Japan has recently announced that, effective immediately, the company will be renamed S.BLOX Co., Ltd. In addition to updating WhaleFin, it aims to further promote collaboration within the Sony Group. However, the official release date for the new platform has not been disclosed.
Further Reading:
The Rise of Japan’s Blockchain Development! Why Do Gaming and Anime IPs Add Value? Analyzing the Three Major Advantages That Carve a Path Through the Competition
Sony’s Web3 Strategy
Beyond rebooting the exchange, the Sony Group has been actively expanding its Web3 business domain.
In 2023, Sony announced a joint venture with Web3 company Startale Labs to develop the Sony blockchain, Sony Chain, with the goal of establishing the most widely used public blockchain, making blockchain accessible beyond the Web3 community.
Sota Watanabe, founder and CEO of Startale Labs, also revealed on X that an external director of Startale will lead Sony’s new cryptocurrency exchange.
In addition to collaborating with Web3 companies, Sony has applied for a patent for “super-fungible tokens,” as reported by “Bitcoin.com News.” This system allows for the use and trade of NFTs across gaming platforms.
With the acquisition of Amber Japan, Sony Group’s business scope is set to continue expanding, integrating “cryptocurrency” into its existing gaming, music, and electronics businesses. “CryptoSlate” believes this move could potentially increase Sony’s market value.
Sources:
The Block, CoinDesk, Bitcoin.com News, CryptoSlate
