Sony Expands into Cryptocurrency Sector
According to a recent report by “The Block,” tech giant Sony is gearing up to revamp WhaleFin, the Japanese cryptocurrency exchange it acquired last year. The overhaul includes enhancing and updating the user interface design, as well as launching a new, user-friendly application and services. Post-revamp, the exchange will also support additional cryptocurrencies.
As reported by Wu Blockchain Info, Singapore-based market maker Amber Group rebranded the Japanese cryptocurrency exchange DeCurret to Amber Japan after acquiring it in early 2022. They subsequently launched the digital asset platform WhaleFin in Japan. However, following the FTX shutdown incident, Amber Japan faced significant losses in 2022.
To address financial challenges, 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 plans to sell its Japanese subsidiary, which is when Sony Group’s subsidiary, Quetta Web, stepped in to acquire Amber Japan.
Recently, S.BLOX Co., Ltd, formerly Amber Japan, announced its renaming and unveiled plans to not only update WhaleFin but also deepen collaboration with Sony Group internally. However, the exact launch date of the new platform has not been disclosed.
Further Reading:
Rising Trends in Japan’s Blockchain Development! Why are Games and Anime IPs Gaining Momentum? Analyzing Three Major Advantages
Sony’s Web3 Initiative
In addition to relaunching the exchange, Sony Group has been actively expanding its business in the Web3 domain. In 2023, Sony partnered with Web3 company Startale Labs to establish a joint venture, focusing on developing Sony Chain, a public blockchain aiming to attract non-Web3 users to the blockchain space.
Sota Watanabe, founder and CEO of Startale Labs, also revealed on X that an external director from Startale will lead Sony’s new cryptocurrency exchange.
Apart from collaborations with Web3 enterprises, Sony has also applied for a patent for “super-fungible tokens,” as reported by “Bitcoin.com News.” This system allows NFTs to be used and traded across gaming platforms.
With the acquisition of Amber Japan, Sony Group continues to expand its business scope, integrating “cryptocurrency” into its existing gaming, music, and electronics businesses. “CryptoSlate” suggests that this move could potentially enhance Sony’s market value.
Sources:
The Block, CoinDesk, Bitcoin.com News, CryptoSlate