Sony expands into crypto with the acquisition of Amber Japan

Sony Group, a leading conglomerate in Japan, is set to launch a crypto exchange following its acquisition of Amber Japan.

According to a July 1 statement, Sony will become the new owner of Amber Japan’s WhaleFin exchange, which will be renamed S.BLOX Co. It stated:

“In addition to redesigning the UI screen, the renewal of “WhaleFin” will include the release of a new app to provide an easier-to-use service. After the renewal, we also plan to further expand the supported currencies and functions.”

However, the release did not provide information on when this new exchange would become operational.

This acquisition comes over two years after the Singapore-based Amber Group acquired DeCurret, a regulated Japanese crypto exchange, and rebranded it as Amber Japan.

Reports revealed that the exchange faced significant challenges in 2022 due to its exposure to the collapsed FTX exchange, leading to substantial losses.

To mitigate financial issues, Amber Japan raised $300 million in a Series C funding round in December 2022, with investments from Fenbushi Capital, Temasek, and Sequoia China. This funding aimed to protect customers affected by the FTX collapse.

Sony’s acquisition follows Amber Group’s announcement in April 2023 that it was considering selling its Japanese subsidiary to focus on institutional rather than retail business.

This acquisition will expand Sony Group’s portfolio to include crypto alongside its gaming, music, and electronics businesses. The move is also expected to boost Sony’s market value beyond its current $100 billion valuation.

Meanwhile, this is not Sony’s first foray into the emerging industry. In 2023, Sony filed a patent for an NFT framework to enable the use of NFTs as in-game assets across its gaming platforms.

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