Sony Expands into Crypto with Whalefin Exchange Relaunch

Sony Corporation is deepening its involvement in the Web3 space through strategic partnerships and investments in startups. The company is set to relaunch the cryptocurrency exchange Whalefin, which it acquired from Amber Group, a crypto lending firm, last year. This acquisition and subsequent relaunch represent Sony’s most significant venture into the crypto market to date.

Initial details of the acquisition were reported by Wu Blockchain and further elaborated by The Block. On a recent Monday, Whalefin issued a statement announcing that its parent company, Amber Japan, is rebranding to S.BLOX. This rebranding is part of the company’s new identity under Quetta Web, a Sony subsidiary that acquired Amber Japan in August 2023. The financial specifics of this acquisition have not been disclosed. Notably, Amber Japan, which was formerly known as DeCurret, had been acquired by Amber Group in 2022.

Sony is preparing to relaunch the Whalefin crypto exchange soon and has announced plans for a new app as part of this initiative, according to a press release on PR Times. While Sony has previously engaged in Web3 activities through various partnerships and investments, this move signifies the PlayStation maker’s formal entry into the cryptocurrency domain. For instance, Sony has collaborated with Astar Network on a Web3 incubation program and has filed a patent to enable the transfer of non-fungible tokens (NFTs) between different games and consoles.

As of now, neither Sony nor Amber Group has provided comments on this development. This acquisition follows a Bloomberg report from the previous year indicating that Amber Group, based in Hong Kong, was looking to divest its Japan unit due to the stringent regulatory environment in Japan.

Sony’s initiative to revive Whalefin marks a pivotal expansion of its digital asset portfolio and highlights its commitment to integrating advanced blockchain technologies within its ecosystem. This strategic move positions Sony at the forefront of the evolving cryptocurrency and Web3 landscape, potentially setting new precedents for mainstream adoption and innovative applications of blockchain technology.

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