Bitcoin
Sony Group Expands Cryptocurrency Trading with Amber Japan Rebrand
Main conclusions
- Amber Japan operates under the Sony Group and manages the cryptocurrency trading service WhaleFin.
- Amber Japan was involved in a speculated debt-to-equity swap deal following the collapse of FTX.
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Amber Japan, now known as S.BLOX, was officially renamed Sony Group on July 1, according to a Press release published by PR Times on Monday. The Tokyo-based entity, which runs cryptocurrency trading service WhaleFin, aims to increase its market presence by collaborating with several Sony businesses.
Amber Japan, formerly known as DeCurret, was acquired by Sony Group subsidiary Quetta Web in August 2023. As part of the rebranding, the WhaleFin platform is set for future revamps, including a redesigned UI screen and a new, more user-friendly mobile app. The revamps will also expand the supported currencies and functions.
The latest move comes as part of Sony’s strategy to diversify its portfolio, which already boasts a market value of over $100 billion. Sony has been exploring the use of non-fungible tokens (NFTs) and blockchain in gaming in recent years.
In March 2023, Sony filed a patent for an “NFT Framework for the Transfer and Usage of Digital Assets Across Gaming Platforms.” This outlines a system for cross-platform NFT usage, including features such as NFT-locked gameplay, limited-use in-game tasks, and NFT player rewards.
This is a developing story. We will provide updates on the situation as we learn more.
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