PlayStation Maker Sony Enters Crypto Exchange Market

Sony, the Japanese multi-industry conglomerate behind PlayStation, is preparing to relaunch the local cryptocurrency exchange Whalefin.

In a Monday release, Whalefin’s parent company, Amber Japan, disclosed that it rebranded to S.BLOX. The rebranding move aligns with the broader efforts to revamp the local trading platform, introduce additional features, and make it more user-friendly. 

Specifically, the platform is undergoing a user interface redesign and developing new apps with a more intuitive user experience. 

Sony Launching Crypto Exchange in Japan

Notably, Sony’s subsidiary Quetta acquired Amber Japan in August 2023 and has operated as an affiliate of Sony Group since then. Sony plans to relaunch the rebranded local crypto exchange soon, but the exact date remains undisclosed.

This move marks Sony’s first significant foray into the crypto market, building on its previous Web3 explorations via partnerships and investments. The company previously collaborated with the Astar Network on a Web3 incubation agenda and has filed a patent for transferring NFTs between consoles and games.

Moreover, Sony’s business division, Sony Network Communications, formed an alliance with Japanese blockchain company Startale Labs in 2023 to develop a proprietary public blockchain network for the tech giant.

In a commentary on X, Startale Labs CEO Sota Watanabe revealed that the external director of Startale will lead Sony’s new crypto exchange. “We made a plan for the chain layer 1.5 years ago and entered the execution phase,” Watanabe remarked.

Here is the Japanese article. If you may know, the head of web3 who is going to lead exchange at Sony is our external director of the company. We have made a plan of the chain layer 1.5 years ago and we entered the execution phase.https://t.co/vKKaZkQ8oV

— Sota | Astar + Startale (@WatanabeSota) July 1, 2024

From DeCurret to Amber Japan to S.BLOX

Significantly, Amber Japan emerged in 2022 when the Japanese subsidiary of Singapore-based market maker Amber Group acquired DeCurret, a Japanese-regulated crypto trading platform. 

However, Amber Japan has now been rebranded as S.BLOX Co. LTD, effective July 1, and operates under the Sony Group umbrella.

As Asia-based reporter Colin Wu highlighted, Amber Group faced difficulties following the 2022 rebranding to Amber Japan, particularly after the collapse of FTX. 

According to him, the company was suspected of undergoing a complete debt-to-equity transaction with Fenbushi. Amber Group boasts an impressive list of investors, including Sequoia China, Temasek, Tiger, Pantera, and Coinbase.

Exclusive: Sony Group, one of Japan's largest companies, has acquired Amber Japan, officially entering the crypto exchange field. Sony's businesses include games, music, cameras, etc., with a market value of more than $100 billion. Singapore market maker Amber Group acquired… pic.twitter.com/XOHFIUmKtJ

— Wu Blockchain (@WuBlockchain) July 1, 2024