Sony Group to launch Cryptocurrency Exchange in Japan
Sony Group has announced that it is officially ready to enter the cryptocurrency sector.
Amber Japan Co., Ltd., the company that runs the cryptocurrency trading service "WhaleFin," has changed its name to S.BLOX Co., Ltd. as of July 1, 2024. There is a planned renewal for "WhaleFin" in the future, according to a press release published in the PR Times on Monday.
S.BLOX Co. plans to work with the other Sony Group companies in order to deliver value for its cryptocurrency trading services, according to the statement.
In addition to redesigning the user interface, the "WhaleFin" renewal will see the release of a new mobile app that will provide an easier-to-use service. We also intend to add more features and support for more currencies after the renewal, the press release said.
Sony has been working to expand its Web3 footprint. The business division of the conglomerate, Sony Network Communications, collaborated with Startale Labs, a Japanese blockchain startup, last year to create Sony's own public blockchain network. Additionally, Sony Group submitted a patent application last year for a more flexible use of NFTs as in-game assets, which it called "super-fungible tokens."
Sony's new cryptocurrency exchange will be run by Startale's external director, according to Sota Watanabe, the company's founder and CEO, who made the announcement on X on Monday. However, he did not provide any additional information.
Here is the Japanese article. If you may know, the head of web3 who is going to lead exchange at Sony is our external director of the company. We have made a plan of the chain layer 1.5 years ago and we entered the execution phase.https://t.co/vKKaZkQ8oV
— Sota | Astar + Startale (@WatanabeSota) July 1, 2024
In a post on X, @Sota_Web3 stated, "It is a historic day. We will establish a joint venture with Sony Network Communications to jointly develop Sony's blockchain. As Coinbase's Base gains momentum, Sony Chain has the potential to surpass it and become a world-leading project. Details will be released gradually. Please support us as we create a new era, it added.
Amber Japan, formerly known as DeCurret, is the Japanese division of the international Amber Group, which runs the WhaleFi trading platform. The exchange provides services for the regulated trading of digital assets. The company's exposure to the now-defunct FTX resulted in financial difficulties. After FTX failed, Amber Group redirected its efforts and, in December 2022, raised $300 million in a Series C round led by Fenbushi Capital. These funds were to protect customers from the FTX crash.
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