Sony Ventures into the Cryptocurrency Field
According to a recent report by “The Block,” tech giant Sony is preparing to revamp the Japanese cryptocurrency exchange WhaleFin, which it acquired last year. The revamp includes improving and updating the user interface design, as well as launching a simpler and more user-friendly new application and service. Additionally, the exchange will expand its support for different cryptocurrencies.
According to Wu Shuo’s Blockchain Information, Singaporean market maker Amber Group acquired the Japanese cryptocurrency exchange DeCurret and renamed it Amber Japan at the beginning of 2022. However, due to the FTX closure incident, Amber Japan faced significant losses in 2022.
To alleviate financial issues, Amber Japan conducted a Series C financing round in December 2022, raising $300 million to protect customers affected by the FTX closure. In April 2023, Amber Group announced its consideration of selling its Japanese subsidiary, and Sony subsidiary Quetta Web stepped in to acquire Amber Japan.
Recently, Amber Japan released a statement announcing that the company is now renamed S.BLOX Co., Ltd. In addition to updating WhaleFin, the company aims to further promote collaboration with internal departments within the Sony Group. However, the official release date for the new platform has not been disclosed.
Further reading:
Rising Development of Blockchain in Japan! How Can Games and Anime IP Gain Advantage? Analysis of Three Major Advantages to Break Through
Sony’s Web3 Strategy
In addition to relaunching the exchange, the Sony Group has been actively expanding its Web3 business domain.
In 2023, Sony announced the establishment of a joint venture with Web3 company Startale Labs to develop Sony Chain, a Sony blockchain. The goal is to create a public blockchain that is widely used, allowing people outside of Web3 to enter the blockchain domain.
Sota Watanabe, the founder and CEO of Startale Labs, also revealed on X that one of Startale’s external directors will lead Sony’s new cryptocurrency exchange.
In addition to partnering with Web3 companies, Sony has applied for a patent for “super-fungible tokens,” according to Bitcoin.com News. This NFT system allows for cross-platform use and trading across different games.
After acquiring Amber Japan, Sony Group’s business scope will continue to expand, incorporating “cryptocurrency” into its existing gaming, music, and electronics businesses. According to CryptoSlate, this move could potentially increase Sony’s market value.
Sources:
The Block, CoinDesk, Bitcoin.com News, CryptoSlate