Sony, the Japanese conglomerate known for PlayStation, is gearing up for the reestablishment of the local cryptocurrency exchange, Whalefin.
In an announcement on Monday, Whalefin’s parent company, Amber Japan, unveiled its rebranding to S.BLOX. This rebranding initiative is part of a larger strategy to overhaul the local trading platform, introduce new functionalities, and enhance its user-friendliness.
One of the main focus areas is the redesign of the platform’s user interface and the development of new applications aimed at providing a more intuitive user experience.
Sony’s subsidiary, Quetta, acquired Amber Japan in August 2023 and has been operating as a part of the Sony Group ever since. Sony is planning to relaunch the rebranded local crypto exchange in the near future, although the exact date has not been disclosed.
This move represents Sony’s initial significant step into the cryptocurrency market, following its prior involvement in Web3 through partnerships and investments. The company had previously collaborated with the Astar Network on a Web3 incubation program and had secured a patent for the transfer of NFTs between consoles and games.
Additionally, Sony’s business division, Sony Network Communications, joined forces with the Japanese blockchain company, Startale Labs, in 2023 to create a proprietary public blockchain network for the technology giant.
In an announcement concerning X, the CEO of Startale Labs, Sota Watanabe, revealed that an external director from Startale would spearhead Sony’s new cryptocurrency exchange.
“We laid out a plan for the chain layer 1.5 years ago and have now entered the execution phase,” noted Watanabe.
From DeCurret to Amber Japan to S.BLOX
Amber Japan was established in 2022 when the Japanese arm of the Singapore-based market-making firm, Amber Group, acquired DeCurret, a regulated cryptocurrency trading platform in Japan.
Recently, Amber Japan has undergone a rebranding to S.BLOX Co. LTD, effective from July 1, and is operating within the Sony Group’s framework.
According to Asia-based reporter Colin Wu, Amber Group encountered challenges following its rebranding to Amber Japan in 2022, particularly after FTX collapsed. Amid speculations of a complete debt-to-equity swap with Fenbushi, the company, which counts Sequoia China, Temasek, Tiger Global, Pantera, and Coinbase among its notable investors, faced a tumultuous period.
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