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  • Writer's pictureBrandon Zemp

Sony plans to launch its own Crypto Exchange in Japan

Sony plans to launch its own Crypto Exchange in Japan

Sony Group, a major and influential company in Japan, has entered the cryptocurrency market through the acquisition of Amber Japan. Sony, renowned for its involvement in gaming, music, and cameras, boasts a market value exceeding $100 billion. This recent development signifies a significant change in their approach.

Formerly known as DeCurret, Amber Japan underwent a name change after being acquired by Singapore's Amber Group in early 2022. However, the situation took a turn for the worse following FTX's collapse, putting Amber Group in a difficult position that eventually led to a potential debt-to-equity deal with Fenbushi. Notable investors in Amber Group consist of prominent entities such as Temasek, Sequoia China, Pantera, Tiger, and Coinbase.

Sony is now using its extensive resources and knowledge to rejuvenate Amber Japan, which will be rebranded as S.BLOX. S.BLOX has unveiled ambitious plans for its WhaleFin service, which involve a total redesign of the user interface and the launch of new applications. S.BLOX declared in a statement:

“By collaborating with various Sony Group businesses, we aim to create new value in cryptocurrency trading services. We look forward to your continued support of WhaleFin.”

After being acquired by Quetta Web Co., Ltd., a wholly-owned subsidiary of Sony Group Corporation in August 2023, the company has been functioning as an affiliate of Sony Group. On January 31, 2024, S.BLOX launched an upgraded version of WhaleFin and intends to enhance the WhaleFin service by improving the UI screen design and introducing new apps. Cryptopolitan contacted Sony Group and Amber Group for comments, but received no response prior to publication.

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