Sony Group, a leading conglomerate in Japan, will launch a crypto exchange after acquiring Amber Japan.
According to a report from July 1 rackSony will be the new owner of Amber Japan’s WhaleFin exchange, which will be renamed S.BLOX Co. It stated:
“In addition to redesigning the UI screen, the “WhaleFin” refresh includes the release of a new app to provide an easier-to-use service. Following the refresh, we also plan to further expand the supported currencies and features.”
However, the release did not provide information on when this new plant would become operational.
This acquisition comes more than two years after Singapore-based Amber Group acquired DeCurret, a regulated Japanese crypto exchange, and rebranded it as Amber Japan.
Reports indicated that the exchange faced significant challenges in 2022 due to its exposure to the collapsed FTX exchange, which led to significant losses.
To ease financial problems, Amber Japan increased $300 million in a Series C funding round in December 2022, with investments from Fenbushi Capital, Temasek and Sequoia China. This financing was intended to protect customers affected by the collapse of the FTX.
The Sony acquisition follows Amber Group’s announcement in April 2023 that it was considering selling its Japanese subsidiary to focus on institutional rather than retail operations.
This acquisition will expand Sony Group’s portfolio to include crypto in addition to its gaming, music and electronics businesses. The move is also expected to boost Sony’s market value above its current valuation of $100 billion.
Meanwhile, this isn’t Sony’s first foray into the emerging industry. In 2023, Sony filed an application patent for an NFT framework to enable the use of NFTs as in-game assets on its gaming platforms.