Sony to Launch Crypto Exchange in Japan Via Acquired Local Platform
Japanese multinational conglomerate corporation Sony is gearing up to launch its cryptocurrency exchange. The company intends to make this possible by restarting another crypto trading platform acquired in August 2023.
According to a press release, Amber Japan, the parent company of the Japanese crypto exchange WhaleFin, acquired by Sony last year, has changed its name to S.BLOX. The technology giant is preparing to kickstart its digital asset trading services soon.
Sony to Launch Crypto Exchange
Sony’s wholly-owned subsidiary, Quetta Web, acquired S.BLOX last year. Before then, the digital asset trading entity was the crypto exchange DeCurret. It was renamed Amber Japan after the Japanese subsidiary of Singapore’s Amber Group acquired it in 2022. Hence, Sony is the second buyer of the firm since its inception. The details of both acquisitions remain undisclosed.
Since its acquisition, S.BLOX has functioned as a subsidiary of Sony, and now the conglomerate is looking to renew its crypto trading services. In a notice announcing the company name change, S.BLOX revealed that it released an improved version of its business earlier this year following the acquisition; however, more changes are to come.
The renewal of the exchange’s services will come with the release of a new app and the redesigning of the user interface screen. In addition, S.BLOX intends to expand its business to support more cryptocurrencies and functions.
“Going forward, as a member of the Sony Group, we will work to create new added value in cryptocurrency trading services by collaborating with the group’s diverse businesses. Thank you for using WhaleFin,” S.BLOX said.
Sony’s Full Foray Into Crypto
The restarting of S.BLOX’s crypto trading services marks Sony’s full foray into the crypto space. The multinational giant had previously taken baby steps in the cryptosphere through acquisitions and investments; however, the latest development is a major one.
CryptoPotato reported last year that Sony’s wholly-owned subsidiary, Sony Network Communications, made a $3.5 million investment in Singapore Web3 tech giant Startale Labs during a seed round that had no other investors and entailed the private placement of new shares.
Startale Labs’ founder and CEO, Sota Watanabe, has disclosed that the company’s external director would lead Sony’s crypto exchange. He said the plan has been in the works for roughly 18 months and is now in the execution phase.
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