Introduction
Sony has announced its plans to enter the cryptocurrency market. The company will relaunch the WhaleFin exchange, which it acquired from crypto lender Amber Group last year. Amber Japan, the parent company of WhaleFin, revealed a rebranding and renaming of the platform to S.BLOX.
Acquisition History
In early 2022, Amber Group’s Japanese subsidiary acquired the regulated cryptocurrency trading platform DeCurret. Sony renamed it Amber Japan. The company’s assets included the WhaleFin exchange.
Impact of FTX Collapse
Following the collapse of the FTX exchange, Amber Group faced difficulties. Amber Group’s investors include Temasek, Sequoia China, Pantera, Tiger, and Coinbase. In August 2023, Quetta Web, a Sony subsidiary, acquired WhaleFin.
Rebranding to S.BLOX
As part of the rebranding, WhaleFin will be renamed S.BLOX. It will feature a new user interface and a mobile app.
Sony’s Blockchain Ventures
Sony is actively exploring blockchain and Web3 spaces. Last year, Sony Network Communications partnered with Startale Labs, a Japanese blockchain technology company. They aim to develop Sony’s own public network. A Startale Labs external director will head the new cryptocurrency exchange.
PlayStation’s NFT Innovation
Last year, Sony patented a new technology. This technology allows using NFTs in games as “superfunctional tokens” with enhanced capabilities.
