Sony to Launch Crypto Exchange in Japan Via Acquired Local Platform

Japanese multinational corporation Sony is preparing to launch its own cryptocurrency exchange. The company intends to do this by relaunching another cryptocurrency trading platform it acquired in August 2023.

according to press releaseAmber Japan, the parent company of Japanese cryptocurrency exchange WhaleFin, which was acquired by Sony last year, has announced that it is changing its name to S.BLOX. The tech giant is preparing to launch digital asset trading services soon.

Sony launches cryptocurrency exchange

S.BLOX was acquired by Quetta Web, a wholly-owned subsidiary of Sony last year. Prior to that, the digital asset trading firm was the cryptocurrency exchange DeCurret. It was rebranded as Amber Japan after being acquired by the Japanese subsidiary of Singapore’s Amber Group in 2022. Sony is thus the second buyer of the company since its inception. Details of both acquisitions remain undisclosed.

Since its acquisition, S.BLOX has operated as a subsidiary of Sony, and now the company is looking to revamp its cryptocurrency trading services. In a notice announcing the company’s name change, S.BLOX announced open It launched an improved version of its business earlier this year following the acquisition; however, there are more changes set to come.

The exchange’s service revamp will come with the release of a new app and a redesigned user interface screen. In addition, S.BLOX intends to expand its business to support more cryptocurrencies and functions.

“In the future, as a member of Sony Group, we will create new added value in cryptocurrency trading services by cooperating with various companies in the group. Thank you for using WhaleFin,” S.BLOX said.

Sony enters the world of cryptocurrencies completely

The relaunch of S.BLOX’s crypto trading services marks the beginning of Sony’s full-fledged foray into the world of cryptocurrencies. The multinational giant has been making small steps into the crypto space through acquisitions and investments; however, this latest development is a major one.

cryptopotato Last year, Sony Network Communications, a wholly owned subsidiary of Sony, reportedly invested $3.5 million in Singapore-based Web3 tech giant Startale Labs in a seed funding round that included no other investors and included a private placement of new shares.

Startale Labs founder and CEO Sota Watanabe has revealed that an outside director will lead Sony’s cryptocurrency exchange. He said the plan has been in the works for about 18 months and is now in the implementation phase.