Search
Close this search box.

Sony Enters Crypto Market by Acquiring Japanese Exchange

Sony Group has officially entered the cryptocurrency trading market through the acquisition of Amber Japan. This move signifies Sony's ambition to expand its presence in the crypto market.
Sony acquired Amber Japan

Japanese entertainment giant Sony is gearing up to launch a cryptocurrency exchange by revamping the WhaleFin platform that they acquired last year.

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.

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.

Share:

New Post

Read more

Bitcoin ETFs see record inflows in July, signaling strong investor sentiment and driving Bitcoin, Ethereum, and altcoins higher.
Mastercard integrates its API with Alchemy Pay to enhance security for crypto solutions, reducing fraud with advanced machine learning and boosting user protection.
Some firms have proposed business practices that the SEC agrees could exempt them from controversial crypto accounting guidance, according to an SEC source.