Sony, one of Japan's largest conglomerates, is preparing to launch a cryptocurrency exchange subsidiary by revamping local trading platform WhaleFin, which it acquired last year. This statement of the company was included in a press release published in PR Times on Monday.
According to the statement, WhaleFin is S.BLOX Co., which plans to collaborate with other businesses of Sony Group to create additional value for crypto trading services. Renamed as.
This innovation includes a redesign of the user interface and a new mobile application that will be easier to use. The exact launch date of the S.BLOX exchange has not been announced yet.
The crypto trading entity was initially Japanese crypto exchange DeCurret, which was acquired by the Japan subsidiary of Singapore's Amber Group in 2022. According to a 2022 press release, in August 2023 Sony's wholly owned subsidiary Quetta Web Co. bought the platform.
Sony is working hard to expand its dominance in the Web3 space. Sony Network Communications, the company's business division, partnered with Japanese blockchain firm Startale Labs last year to create Sony's own public blockchain network.
Startale Labs founder and CEO Sota Watanabe announced on X on Monday that Startale's external director will lead Sony's new crypto exchange, but did not provide further details.
The PlayStation maker also filed a patent last year for what it calls “super fungible tokens” to enable more flexible use of NFTs as in-game assets.
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