The cryptocurrency industry has seen the arrival of several major companies in its ecosystem. Following suit, Sony, the Japanese multi-sector conglomerate, has decided to acquire Amber Japan, a prominent cryptocurrency company. Through this deal, Sony will debut in the cryptocurrency exchange sector.
With a market valuation of $100 billion, Sony has long been talking about diversifying its holdings. To build its portfolio, the company entered the cryptocurrency market. The companyโs trading subsidiary, Sony Network Communications, collaborated with Japanese blockchain startup Startale Labs to create Sonyโs own public blockchain network last year.
According to the advertisement, WhaleFin has changed its name to S.BLOX Co. This entity intends to work with the other Sony Group companies to provide value to its cryptocurrency trading services. Additionally, the update also includes a new, more user-friendly mobile app and a UI update. Details regarding the official launch have yet to be announced. But the market is excited and eagerly awaiting their adventure. Sony already has a market presence in the music, gaming and camera industries.
Also read: Ripple ensures 80% penetration in Japan's banking sector
Origins of Sony's cryptocurrency company
The cryptocurrency trading company was originally the Japanese cryptocurrency exchange DeCurret. It was first purchased in 2022 by the Japanese subsidiary of Singapore's Amber Group. In the 2022 press announcement, 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 the regulations are strict. โThe regulatory landscape in Hong Kong has been very positive for us, preparing us for our license application.โ
