According to CryptoPotato, Sony, the Japanese multinational conglomerate corporation, is planning to launch its cryptocurrency exchange. This move is made possible by the revival of another crypto trading platform that Sony acquired in August 2023. Amber Japan, the parent company of the Japanese crypto exchange WhaleFin, which was bought by Sony last year, has been renamed S.BLOX. The tech giant is now readying to initiate its digital asset trading services.
Sony's wholly-owned subsidiary, Quetta Web, purchased S.BLOX last year. Prior to this, the digital asset trading entity was known as the crypto exchange DeCurret. It was renamed Amber Japan after being acquired by the Japanese subsidiary of Singapore’s Amber Group in 2022. This makes Sony the second buyer of the firm since its establishment. The specifics of both acquisitions have not been disclosed.
Since its acquisition, S.BLOX has operated as a Sony subsidiary, and the conglomerate is now planning to rejuvenate its crypto trading services. S.BLOX announced in a notice that it launched an enhanced version of its business earlier this year following the acquisition, but more changes are on the horizon. The revamp of the exchange’s services will coincide with the launch of a new app and a redesign of the user interface screen. Additionally, S.BLOX plans to broaden its business to support more cryptocurrencies and functions.
The reactivation of S.BLOX’s crypto trading services signifies Sony’s full entry into the crypto space. The multinational giant had previously made minor inroads into the cryptosphere through acquisitions and investments, but this latest development is a significant one. Last year, Sony Network Communications, a wholly-owned subsidiary of Sony, invested $3.5 million in Singapore Web3 tech giant Startale Labs during a seed round that involved the private placement of new shares. Sota Watanabe, the founder and CEO of Startale Labs, revealed that the company’s external director would head Sony’s crypto exchange. He stated that the plan has been in progress for approximately 18 months and is now in the implementation phase.