Bitcoin
Sony to launch cryptocurrency exchange in Japan
The cryptocurrency industry has seen the arrival of several large companies into its ecosystem. Following this cryptocurrency trail, Sony, a multi-industry conglomerate from Japan, decided to acquire Amber Japan, a major cryptocurrency company. Through this agreement, Sony will debut in the cryptocurrency exchange sector.
With a market valuation of $100 billion, Sony has long talked about diversifying its holdings. To build its portfolio, the company entered the cryptocurrency market. The company’s commercial subsidiary, Sony Network Communications, collaborated with Japanese blockchain startup Startale Labs to create Sony’s own public blockchain network last year.
According to announcementWhaleFin has changed its name to S.BLOX Co. Ltd. This entity aims to work with the other companies of the Sony Group to provide value for its cryptocurrency trading services. In addition, the update also introduces a new, more user-friendly mobile app and a UI update. Details about the official launch have not been announced yet. But the market is excited and eagerly awaiting its venture. Sony already has a market presence in the music, gaming, and camera industries.
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Origins of Sony’s Cryptocurrency Venture
The cryptocurrency trading company was originally the Japanese cryptocurrency exchange DeCurret. This was first acquired in 2022 by Singapore’s Japanese subsidiary Amber Group. In the 2022 press release, Quetta Web Co., a subsidiary of Sony, purchased the platform in August 2023.
To focus on its core business, Amber announced last year that it would scale back its consumer initiatives and non-core business lines. Annabelle Huang, the firm’s managing partner, said:
“Japan is a very high-quality market, but regulations are strict. The regulatory landscape in Hong Kong has been very optimistic for us in preparing us for our license application.”