Sony has taken a significant step into the cryptocurrency market by acquiring the Japanese unit of the Hong Kong-based Amber Group. This move, first reported by Wu Blockchain and later detailed by The Block, marks a pivotal shift for the technology giant.
Sony’s New Venture: Rebranding and Relaunching
On Monday, Whalefin announced that its parent company, Amber Japan, was rebranding to S.BLOX. The notice confirmed that Quetta Web, a subsidiary of Sony, had acquired the company in August 2023. Although the financial terms of the deal were not disclosed, this acquisition signifies Sony’s serious commitment to entering the crypto exchange arena.
Amber Japan, formerly known as DeCurret, had been acquired by Amber Group in 2022. The strict regulations in Japan prompted Amber Group to consider selling the unit, leading to Sony’s acquisition.
Sony’s Crypto Aspirations
Sony’s plans to restart the crypto exchange include launching a new app, as announced in a release on PR Times. While the company has previously explored Web3 through various investments and partnerships, this deal represents Sony’s first substantial entry into the cryptocurrency market.
Previously, Sony collaborated with Astar Network on a Web3 incubation program and even filed a patent for transferring non-fungible tokens (NFTs) between different games and consoles. These efforts show Sony’s growing interest in integrating blockchain technology with its existing products and services.
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This acquisition of Amber’s Japan unit and the subsequent rebranding and relaunch of Whalefin underscore Sony’s ambitions in the crypto world. As the company gears up to introduce its new app, it will be interesting to see how Sony leverages its expertise in technology and entertainment to innovate within the cryptocurrency space.
Both Sony and Amber Group were unavailable for immediate comment on this development. However, the move clearly highlights Sony’s strategy to adapt and grow in the rapidly evolving digital finance landscape.
