Japanese entertainment giant Sony is gearing up to launch a cryptocurrency exchange by revamping the WhaleFin platform that they acquired last year.
Exclusive: Sony Group, one of Japan’s largest companies, has acquired Amber Japan, officially entering the crypto exchange field. Sony’s businesses include games, music, cameras, etc., with a market value of more than $100 billion. Singapore market maker Amber Group acquired… pic.twitter.com/XOHFIUmKtJ
— Wu Blockchain (@WuBlockchain) July 1, 2024
WhaleFin will be rebranded as S.BLOX Co. and plans to collaborate with other businesses within Sony Group to expand its presence in the crypto market. The official launch date for S.BLOX has not been officially announced.
In August 2023, Sony reached an agreement to acquire Amber Japan. Originally known as DeCurret, this platform was a subsidiary of Amber Group, specializing in digital asset trading services.
In 2022, Amber Group expanded its presence in Japan by acquiring and rebranding DeCurret as Amber Japan. Since then, the company has faced numerous challenges, notably financial ties to the now-bankrupt exchange FTX.
After FTX’s collapse, Amber Group worked to raise capital and secured $300 million in a Series C round in December 2022. This round was led by Fenbushi Capital and included participation from Temasek, Sequoia China, Pantera, Tiger, and Coinbase. This funding was seen as a lifeline for customers who lost money due to the FTX scandal.
Sony is a well-known conglomerate in Japan, operating in various sectors such as electronics, entertainment, video games, music, film, and financial services.
The recent deal with Amber is part of Sony’s strategy to diversify its investment portfolio, boasting a market value of over $100 billion. However, Sony has been making efforts to expand its presence in web3 for several years now.
The tech giant has been exploring the application of NFTs and blockchain in gaming early on, even developing its blockchain. Last year, the PlayStation maker filed a patent to allow more flexible use of NFTs as in-game assets.
The crypto landscape in Japan is changing rapidly due to the depreciation of the Yen and certain monetary policies of the Bank of Japan. Last week, the Yen dropped to its lowest level, prompting many investors to turn to Bitcoin.
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Sony enters #crypto market by acquiring Japanese ???????? exchange. pic.twitter.com/dRVYMSqUOY
— Crypto Aman (@cryptoamanclub) July 1, 2024
Like MicroStrategy, Japanese companies such as Metaplanet have started incorporating Bitcoin as a significant part of their treasury. By issuing convertible bonds, Metaplanet announced plans to buy an additional 1 billion Yen (approximately $7 million) worth of Bitcoin last week. According to a survey by brokerage firm Nomura, 54% of fund managers in Japan are interested in investing in crypto over the next three years.
