Sony Ventures into the Cryptocurrency Field
According to a recent report by foreign media outlet “The Block,” tech giant Sony is preparing to revamp the Japanese cryptocurrency exchange WhaleFin, which it acquired last year. The revamp will include improvements and updates to the user interface design, as well as the launch of a simpler and more user-friendly new application and service. Additionally, the revamped exchange will support more types of cryptocurrencies.
Based on information from Wu Block, Singapore-based market maker Amber Group acquired the Japanese cryptocurrency exchange DeCurret at the beginning of 2022 and renamed it Amber Japan. They then launched the digital asset platform WhaleFin in Japan. However, due to the FTX closure incident, Amber Japan suffered significant losses in 2022.
To alleviate their financial problems, Amber Japan conducted a series C financing in December 2022, raising $300 million to protect customers affected by the FTX closure. In April 2023, Amber Group announced that they were considering selling their Japanese subsidiary, and Sony subsidiary Quetta Web stepped in to acquire Amber Japan.
Recently, Amber Japan released a statement announcing that the company will be renamed S.BLOX Co., Ltd, effective immediately. In addition to updating WhaleFin, they will further promote collaboration with Sony Group internally. However, an exact date for the launch of the new platform has not been released.
Further Reading:
The Rising Development of Blockchain in Japan! How Can Games and Anime IPs Add Value? Analyzing the Three Major Advantages Leading the Way
Sony’s Web3 Layout
In addition to relaunching the exchange, Sony Group has been actively expanding its Web3 business.
In 2023, Sony announced the establishment of a joint venture with Web3 company Startale Labs to develop the Sony blockchain Sony Chain. The goal is to create a public blockchain that is widely used, allowing people outside of Web3 to enter the blockchain field.
Sota Watanabe, the founder and CEO of Startale Labs, revealed on X that one of Startale’s external directors will lead Sony’s new cryptocurrency exchange.
In addition to collaborating with Web3 companies, Sony has also applied for a patent for “super-fungible tokens.” According to Bitcoin.com News, this is a system that allows for the use and trading of NFTs across gaming platforms.
With the acquisition of Amber Japan, Sony Group’s business scope will continue to expand, incorporating “cryptocurrency” into its existing gaming, music, and electronics businesses. CryptoSlate, a foreign media outlet, believes that this move may increase Sony’s market value.
Sources:
The Block, CoinDesk, Bitcoin.com News, CryptoSlate