Sony, the renowned conglomerate known for PlayStation, is gearing up to reintroduce Whalefin, its local cryptocurrency exchange.
On a recent Monday, Amber Japan, the parent entity of Whalefin, announced its transformation into S.BLOX. This rebranding is part of a larger initiative to enhance the local exchange, add new functionalities, and improve user accessibility.
The exchange is currently being redesigned with a focus on user experience, including the development of new applications that promise a more intuitive interface.
**Sony to Unveil Cryptocurrency Exchange in Japan**
In a strategic move, Sony’s subsidiary Quetta acquired Amber Japan in August 2023, and since then, it has been a part of the Sony Group. Sony is set to relaunch this newly named local crypto exchange, although the launch date is yet to be revealed.
This venture represents Sony’s substantial entry into the cryptocurrency arena, supplementing its earlier Web3 ventures through collaborations and investments. Previously, Sony partnered with Astar Network for a Web3 incubation project and has sought a patent for NFT transfers across gaming consoles.
Additionally, in 2023, Sony Network Communications joined forces with Startale Labs, a Japanese blockchain firm, to create a unique public blockchain network for Sony.
Sota Watanabe, CEO of Startale Labs, commented on the collaboration, stating that the external director of Startale is set to head Sony’s upcoming crypto exchange. “We devised a plan for the chain layer 1.5 years ago and have now commenced its implementation,” said Watanabe.
**The Evolution from DeCurret to Amber Japan to S.BLOX**
Amber Japan came into existence in 2022 after the Amber Group’s Japanese arm acquired DeCurret, a regulated crypto exchange in Japan. Now rebranded as S.BLOX Co. LTD since July 1, it functions within the Sony Group framework.
Colin Wu, an Asia-based journalist, pointed out that Amber Group faced challenges post its 2022 rebranding to Amber Japan, especially after FTX’s downfall. He suggested that the company might have engaged in a full debt-to-equity swap with Fenbushi. Amber Group is backed by a notable roster of investors, including Sequoia China, Temasek, Tiger, Pantera, and Coinbase.
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