Sony Set to Enter the Japanese Cryptocurrency Market Through Acquisition of Domestic Exchange Platform

The global tech corporation Sony, headquartered in Japan, is on the brink of rolling out its own cryptocurrency exchange platform. This strategic move is facilitated through the revamping of a crypto trading platform that Sony procured in August 2023.

A recent announcement revealed that Amber Japan, previously the operator of the crypto exchange WhaleFin and now a subsidiary of Sony following acquisition, has been rebranded to S.BLOX. Sony is thus poised to introduce its cryptocurrency exchange services shortly.

Introduction of Sony’s Cryptocurrency Exchange Platform

Last year, Sony, through its subsidiary Quetta Web, took ownership of S.BLOX, formerly the cryptocurrency exchange DeCurret and later renamed Amber Japan after its acquisition by the Amber Group. Sony consequently became the second proprietor of the company since its original establishment. The specifics of both purchases have not been made public.

Under Sony, S.BLOX has maintained its status as a subsidiary and is currently on the verge of revitalizing its crypto exchange offerings. S.BLOX issued a statement regarding the name change, highlighting that it introduced enhancements to its operation post-acquisition, with further developments anticipated.

A part of the relaunch strategy involves the rollout of a novel app and a makeover of the existing user interface. Moreover, S.BLOX is aspiring to broaden its venture by incorporating additional cryptocurrencies and functionalities.

“We are committed to leveraging the Sony Group’s expansive business network to infuse innovation into cryptocurrency trading services. We are grateful to our WhaleFin users for their ongoing support,” stated S.BLOX.

Diving Deeper into the Cryptocurrency Realm – Sony’s Expansion

The resurrection of S.BLOX’s cryptocurrency exchange signals a substantial thrust of Sony into the realm of digital currencies. Previously, the conglomerate had made incremental movements in the blockchain industry through various acquisitions and stakeholdings. Nevertheless, this recent advancement signifies a deeper commitment.

CryptoPotato covered a story about Sony Network Communications, a subsidiary of Sony, making substantive inroads into Web3 with a $3.5 million funding round in Startale Labs, a Web3-centric company based out of Singapore. This round was distinctive as it involved a sole investor being Sony and was executed through a funding of new shares.

Startale Labs’ CEO, Sota Watanabe, divulged that the company’s external director is set to steer the leadership at Sony’s new crypto exchange. The planning phase spanned approximately 18 months and has now reached the implementation stage.