- Sony Corporation is set to launch its cryptocurrency exchange.
- The company plans to accomplish this by reviving a crypto trading platform it acquired in August 2023.
- A key development includes changing the name from Amber Japan to S.BLOX, enhancing the service offerings.
Sony’s imminent return to the crypto trading scene signals a new era of digital asset innovation.
Sony to Launch Crypto Exchange
Sony’s wholly-owned subsidiary, Quetta Web, spearheaded the acquisition of S.BLOX last year. Initially known as DeCurret, the platform was then rebranded to Amber Japan following its acquisition by Singapore’s Amber Group in 2022. Sony’s buyout marks the second ownership change, with both transactions being undisclosed.
Following its acquisition, S.BLOX has been operating as a subsidiary of Sony. Recently, the company announced another phase of enhancements, revealing a refined version of its services launched earlier this year. These enhancements include the release of a new app and redesigning the user interface for better user experience. Additionally, S.BLOX aims to expand its service portfolio to include support for a wider array of cryptocurrencies and functionalities.
“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 relaunch of S.BLOX’s trading operations marks Sony’s full-scale entry into the cryptocurrency market. Although Sony had dabbled in the space through previous acquisitions and investments, this marks a significant commitment. According to a report, Sony’s subsidiary, Sony Network Communications, invested $3.5 million in Singapore-based Web3 company Startale Labs during its seed round, indicating the company’s strong interest in blockchain technologies.
Startale Labs’ CEO, Sota Watanabe, stated that Sony’s crypto exchange will be directed by the firm’s external director. Watanabe mentioned that preparations for this project had been ongoing for approximately 18 months and are now moving into the execution stage.
Conclusion
Sony’s renewed focus on cryptocurrency trading signifies a major stride for the conglomerate into the digital finance ecosystem. By leveraging its comprehensive business infrastructure, Sony is positioned to deliver innovative and enhanced crypto trading services. This move not only diversifies its portfolio but also positions the company as a potential leader in the burgeoning cryptocurrency sector. As the project progresses, stakeholders and investors alike will be keen to see how Sony navigates and potentially shapes the future of crypto trading.
