Sony plans to launch crypto exchange in Japan

Sony plans to relaunch crypto exchange Whalefin, which Sony bought last year from crypto service provider Amber Group. The news was previously reported by Wu Blockchain and later confirmed by The Block.

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From Amber Japan to S.BLOX

Yesterday evening announced Whalefin announced that parent company Amber Japan will change its name to S.BLOX. This name change follows the acquisition by Quetta Web, a division of Sony, in August 2023. Financial details of the deal were not disclosed.

Amber Japan was acquired by crypto finance firm Amber Group in 2022. Sony has indicated that it will soon relaunch the crypto exchange with a new app, according to a press release on PR Times.

Amber Japan wasn’t always Amber Japan. In early 2022, Singapore-based Amber Group acquired and renamed Japan-based regulated cryptocurrency trading platform DeCurret.

But when FTX collapsed, Amber Group found itself in deep trouble, leading to a suspected debt-to-equity transaction with Fenbushi. Investors in Amber Group include Temasek, Sequoia China, Pantera, Tiger and Coinbase.

Creating new value in crypto

Now, Sony is using its vast resources and expertise to revive Amber Japan under the new name S.BLOX (wow, original). S.BLOX announced big plans for its WhaleFin service, including a complete overhaul of the user interface and the release of new applications. In a statement, S.BLOX said:

“By collaborating with various companies within the Sony Group, we aim to create new value in crypto trading services. We look forward to your continued support for WhaleFin.”

Although Sony already earlier has invested in Web3 projects and partnerships, this deal marks the PlayStation maker’s real entry into the crypto world.

Previously, Sony partnered with the Astar Network for a Web3 incubation program and filed a patent for transferring non-fungible tokens (NFTs) between different games and consoles.

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