Sony Prepares for Launch of Crypto Exchange in Japan

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by Giorgi Kostiuk

2 years ago

Made with AI

Sony, the Japanese multinational conglomerate corporation, is set to introduce its cryptocurrency exchange in Japan. To achieve this, Sony plans to revive WhaleFin, a crypto trading platform acquired in August 2023. Last year, Amber Japan, the parent company of WhaleFin, which Sony acquired, changed its name to S.BLOX. Sony's subsidiary, Quetta Web, acquired S.BLOX, which was formerly known as DeCurret. The exchange went through ownership changes, with Amber Japan being renamed after an acquisition by the Japanese subsidiary of Singapore's Amber Group. Sony's acquisition of S.BLOX makes it the second owner of the entity since its establishment, with the acquisition details undisclosed. S.BLOX has operated as a Sony subsidiary and is now poised to rejuvenate its crypto trading offerings. The company plans to introduce a new app, redesign the user interface screen, and expand its support for more cryptocurrencies and functions. Sony envisions creating new value in cryptocurrency trading services through collaboration with its diverse businesses. The move signifies Sony's complete entry into the crypto space after previous acquisitions and investments. Sony Network Communications, a Sony subsidiary, made a significant investment in Startale Labs, a Singapore Web3 tech giant. This investment, made during a seed round, was led by Startale Labs' external director, who will oversee Sony's crypto exchange. The plan, in progress for about 18 months, is now progressing towards implementation.

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