$100B Firm Sony Enters the Crypto Market With Amber Japan Acquisition

Japanese conglomerate firm Sony has ventured into the crypto exchange sector by relaunching the trading platform WhaleFin. In a press release on Monday, the $100 billion firm revealed that it had acquired the crypto firm’s parent company, Amber Group Japan, in August 2023.

“Amber Japan Co. Ltd., which operates the cryptocurrency trading service ‘WhaleFin,’ changed its name to S.BLOX Co. Ltd. on July 1, 2024. ‘WhaleFin’ is scheduled to be renewed in the future. The company will become a subsidiary of the Sony Group in 2023 and will promote collaboration with the Sony Group in the future,” the press release stated.

Sony to Revamp WhaleFin

In addition to changing WhaleFin’s name to S.BLOX Co., Sony plans to change the platform’s user interface (UI) and develop a new mobile application. Services on S.BLOX Co. will also be expanded so users can access a broader range of crypto asset offerings, among other things.

The press release, however, did not state the exact date when the revamped crypto exchange will relaunch. WhaleFin struggled in 2022 after a wider market capitulation when the US-based trading platform FTX imploded.

WhaleFin was initially a Japanese trading firm, DeCurret, before the Japanese subsidiary of Singapore’s Amber Group bought the firm in 2022. The trading platform was resold in 2023 to Sony’s wholly-owned subsidiary, Quetta Web Co.

One of Many Endeavors in Crypto

The WhaleFin takeover is just one of Sony’s many dedicated efforts to establish a strong presence in the crypto market. Renowned for its gaming consoles, Sony made a significant leap into Web3 last year with a partnership with Japanese-based Startale Labs to build its public blockchain network.

The partnership has taken a new stride as Startale Lab’s CEO, Sota Watanabe, revealed in an X post that its external director for the firm will lead Sony’s new crypto exchange. Watanabe didn’t reveal further details on the latest developments.