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Sony, the global tech giant known for its music, gaming, and camera work, is boldly moving into the cryptocurrency market. A shocking revelation: The company announced its acquisition of Amber Japan, a prominent crypto trading platform, marking its official entry into the cryptocurrency exchange sector.

Sony’s New Cryptocurrency Venture

According to the local news, Sony, with a $100 billion market cap, has taken a major step into the world of cryptocurrencies by acquiring Amber Japan, operating crypto trading service WhaleFin, which has been rebranded as S.BLOX Co. This new division will focus primarily on cryptocurrency trading services in Japan, supported by a refreshed mobile app and user interface. The exact launch date for S.BLOX Co. is yet to be announced, but the news has generated excitement in the market.

Why Cryptocurrency?

In August 2022, Sony’s subsidiary Quetta Web Co. acquired the Japanese crypto exchange DeCurret, later rebranded as Amber Japan. This move allowed Sony to enter the cryptocurrency market following the exchange’s challenges due to the FTX collapse. Moreover, Sony’s crypto venture is part of its broader strategy to diversify and explore new technologies, including creating a public blockchain network with Startale Labs.

Crypto Impact

Despite the recent market downturn, where Bitcoin’s value dropped but has started to recover, institutional interest in cryptocurrencies remains strong. Sony’s acquisition of Amber Japan benefits the company from these trends.

What’s Next for S.BLOX Co.?

As S.BLOX Co. prepares for its official launch, it aims to leverage Amber Japan’s existing infrastructure to offer new and improved cryptocurrency trading services. Sony’s entry into the market reflects a growing interest in digital assets and sets the stage for future innovations in the crypto space.

Sony has recently acquired Whalefin, the well-known Japanese crypto exchange previously under the leadership of Amber Group. Sony thus expands its commitment in the Web3 sector through partnerships and investments in promising startups. Let’s see all the details. 

Sony will relaunch the crypto exchange Whalefin acquired from Amber Group

Sony is preparing to relaunch the crypto exchange Whalefin, acquired last year from the crypto services provider Amber Group. The operation was initially reported by Wu Blockchain, with further details revealed later by Block.

On Monday, Whalefin announced that its parent company, Amber Japan, will change its name to S.BLOX. The announcement also specified that Amber Japan was acquired by Quetta Web, a division of Sony, in August 2023. 

However, the financial terms of the agreement have not been disclosed.

Amber Japan, previously known as DeCurret, was acquired by the crypto-financial group Amber Group in 2022. Sony announced, through a press release on PR Times, that it intends to relaunch the cryptocurrency exchange soon with a new application.

Although Sony has already explored the world of Web3 through investments and partnerships, this agreement will represent the true entry of the technology giant, best known for the PlayStation, into the universe of criptovalute.

In the past, Sony has collaborated with Astar Network for a Web3 incubation program and has filed a patent for the transfer of non-fungible tokens (NFT) between different games and consoles.

Last year, Bloomberg reported that Amber Group, based in Hong Kong, was considering the sale of its Japanese unit due to the stringent regulations in the country.

Sony patents NFTs for interoperable games and consoles

As mentioned, Sony Interactive Entertainment not long ago filed a new patent that will allow the transfer of non-fungible tokens (NFT) between different games and consoles. 

The patent aims to create an interoperable Web3 gaming experience for users of Sony products, such as the famous PlayStation console. 

This system would allow players to transfer game resources between various devices, including virtual reality (VR) headsets, tablets, computers, and smartphones.

The patent application also highlights that NFTs could be used across different generations of consoles, for example, moving from the PS4 to the PS5. Additionally, the document explores how NFTs could work for objectives and tournaments. 

In some scenarios, for example, an NFT could be earned by winning an eSport tournament and then used in different computer simulations.

Sony has specified that the system will also be compatible with products outside its own ecosystem, such as Xbox or cloud-based games. This feature would make digital assets completely transferable and usable across various gaming ecosystems.

The patent also includes measures to prevent players from repeating activities to earn the same NFTs multiple times. 

The system could prevent “the repeated execution of the activity in other computer simulations” and “refuse to provide additional NFTs for subsequent performances of the same activity”.

Sony is planning to restart the crypto exchange Whalefin, which it acquired from crypto lender Amber Group last year, and is rebranding it to S.BLOX.

Whalefin, originally known as DeCurret, has switched hands multiple times, first being bought by Amber Japan, the Japanese branch of Amber Group, before being acquired by Sony’s unit, Quetta Web, in August 2023.

Sony plans to restart the crypto exchange soon with a new mobile trading app, marking its proper foray into crypto after partnering and investing in Startale Labs, a crypto infrastructure company, last year and who will lead the exchange.

While Sony has been involved in Web3 through various investments and partnerships previously, even filing a patent for a Playstation NFT integration, this step represents a significant expansion of the scope of its involvement. 

As Asia continues to be a hotbed for crypto development and adoption, it makes sense that Sony has set its eyes on the region, particularly Japan, which has been ranked in the top 20 countries for crypto adoption and where recent polls have shown that 54% of institutional investors intend to invest in crypto over the next three years if they haven’t already.

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