The cryptocurrency industry has seen the arrival of several major companies into its ecosystem. Following this cryptocurrency trail, Sony, the multi-industrial conglomerate from Japan, decided to acquire Amber Japan, a prominent cryptocurrency company. Through this agreement, Sony will debut in the cryptocurrency exchange sector.
With a market valuation of $100 billion, Sony has long talked about diversifying its holdings. To build its portfolio, the company entered the cryptocurrency market. The company's commercial subsidiary, Sony Network Communications, collaborated with Japanese blockchain startup Startale Labs to create Sony's own public blockchain network last year.
According to the advertisementWhaleFin has changed its name to S.BLOX Co. This entity aims to work with the other Sony Group companies to bring value to their cryptocurrency trading services. In addition, the update also includes a new, more user-friendly mobile app and an updated user interface. Details regarding the official launch have not yet been announced, but the market is excited and eagerly awaiting its release. Sony already has a market presence in the music, gaming, and camera industries.
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Origins of Sony's cryptocurrency company
The cryptocurrency trading company was originally the Japanese cryptocurrency exchange platform DeCurret. It was first purchased in 2022 by the Japanese subsidiary of Singapore's Amber Group. In the 2022 press release, Quetta Web Co., a subsidiary of Sony, purchased the platform in August 2023.
To focus on its core businesses, Amber announced last year that it would scale back its consumer goods initiatives and non-core business lines. Annabelle Huang, managing partner of the firm, said:
โJapan is a very high-quality market, but regulations are strict. The regulatory landscape in Hong Kong has been very positive for us, preparing us for our license application.โ
