Sony plans to launch its own crypto exchange in Japan

Sony plans to launch its own crypto exchange in Japan

In this post:

  • Sony Group enters the cryptocurrency market by acquiring Amber Japan, now rebranded as S.BLOX.
  • S.BLOX plans to overhaul its WhaleFin service, improving the user interface and launching new apps.
  • Sony leverages its resources and expertise to innovate in the regulated Japanese crypto market.

Sony Group, one of Japan’s biggest and most influential companies, has jumped into the cryptocurrency market by acquiring Amber Japan.

Sony, known for its ventures in games, music, and cameras, has a market value of over $100 billion. This new move shows a big shift in their strategy.

Amber Japan wasn’t always Amber Japan. In early 2022, Singapore’s Amber Group bought Japan’s regulated cryptocurrency trading platform DeCurret and renamed it. But things went south when FTX collapsed.

This left Amber Group in deep trouble, leading to a suspected debt-to-equity transaction with Fenbushi. Amber Group’s investors include big names like Temasek, Sequoia China, Pantera, Tiger, and Coinbase.

Now Sony is leveraging its massive resources and expertise to revitalize Amber Japan under the new name, S.BLOX.

S.BLOX to overhaul WhaleFin

S.BLOX announced major plans for its WhaleFin service, including a complete overhaul of the user interface and the release of new applications. In a statement, S.BLOX stated:

By collaborating with various Sony Group businesses, we aim to create new value in cryptocurrency trading services. We look forward to your continued support of WhaleFin.”

The company, acquired by Quetta Web Co., Ltd., a wholly-owned subsidiary of Sony Group Corporation, in August 2023, has been operating as an affiliate of Sony Group.

S.BLOX released an improved version of WhaleFin on January 31, 2024, and plans to renew the WhaleFin service further, enhancing the UI screen design and releasing new apps.

Cryptopolitan reached out to Sony Group and Amber Group for comments, but both didn’t respond before publication.

Jai Hamid

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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