Sony Ready To Launch Crypto Exchange In Japan

Sony is ready to launch a crypto exchange in Japan (Photo; Doc. Icolor)

JAKARTA - Sony, is preparing to launch their crypto exchange. This move will be carried out by reviving the acquired crypto trading platform in August 2023.

According to a press release, Amber Japan, the parent company of Japanese crypto exchange WhaleFin, which Sony acquired last year, has changed its name to S.BLOX. The technology company is preparing to start trading its digital assets service in the near future.

Sony's wholly owned subsidiary, Quetta Web, acquired S.BLOX last year. Prior to that, the digital asset trading entity was the DeCurret crypto exchange, which later changed its name to Amber Japan after Japan's subsidiary from the Singaporean Amber Group acquired it in 2022. Thus, Sony has been the second buyer of the company since its founding. Details of the two acquisitions remain secret.

Since its acquisition, S.BLOX has served as Sony's subsidiary, and is currently working on updating their crypto trading services. In an announcement about the change of company name, S.BLOX revealed that it released an upgraded version of business earlier this year after the acquisition; however, more changes will come.

This exchange service update will be accompanied by the launch of a new app and user interface redesign. In addition, S.BLOX plans to expand its business by supporting more crypto assets.

Quoted from Crypto Potato, S.BLOX said, "In the future, as a member of the Sony Group, we will work to create new added value in crypto asset trading services by collaborating with various group businesses. Thank you for using WhaleFin."

The resumption of the S.BLOX crypto trading service marks Sony's full move into the crypto world. Previously, this multinational giant had taken small steps in the crypto world through acquisition and investment; however, this latest development is a big step.

Crypto Potato reported last year that Sony's wholly owned subsidiary, Sony Network Communications, made an investment of 3.5 million US Dollars (approximately IDR 57 billion) in Singapore's Web3 tech giant, Startale Labs, during an initial funding round that did not involve other investors and involved the private placement of new shares.

Startale Labs founder and CEO, Sota Watanabe, revealed that the company's external director will lead Sony's crypto exchange. He said that the plan had been in the works for about 18 months and is now in the execution phase.