Sony Group, a Japanese technology giant with diverse industry interests is set to introduce a crypto asset exchange subsidiary. The firm plans to do this by refurbishing the local trading platform WhaleFin, which it purchased last year. This action demonstrates the commitment to expanding its varied portfolio and an official entry into the crypto space.
Sony Expands Beyond Technology With Strategic Partnership
The tech giant, known for its diverse range of products and services has partnered with Amber Japan, a subsidiary of Amber Group to delve into the crypto market.
According to a press statement in 2022, the Singapore-based Amber Group initially bought the regulated Japanese crypto trading platform DeCurret and branded it to Amber Japan through its local subsidiary, WhaleFin Holdings Japan.
Subsequently, in August 2023, Sony’s wholly-owned subsidiary Quetta Web Co. acquired WhaleFin Holdings. It rebranded it as S.BLOX CO., and decided to update the user interface redesign and introduce a new mobile app version for enhanced usability.
S.BLOX Co now aims to work with other Sony Group businesses to enhance the value of its crypto trading services. However, the firm has not disclosed any specific launch date as of now.
Sony’s exploration of Web3 through investments and collaborations reflects its interest in the evolving digital landscape. This was demonstrated when the company partnered with Astra Network to build and patent its super-fungible tokens. Last year, this was done to make the utilization of Non-Fungible Tokens (NFTs) more flexible across various games and consoles.
Also, Sony Network Communications, the company’s business division, collaborated with Japanese blockchain firm Startale Labs last year to create Sony’s public blockchain network.
Crypto Sees Widespread Adoption
Sony’s latest venture into crypto follows a trend where many significant companies, countries, and institutional investors are entering the crypto asset space. This influx of big players indicates a growing acceptance and interest in crypto, potentially leading to more innovations and developments in the industry.
The rise in Crypto ATMs worldwide underscores the increasing embrace of crypto assets and digital products globally.
Interestingly, crypto hack losses have recently recorded a drop of $25.7 million. This positive news indicates that the crypto community is actively working towards enhancing security to safeguard assets and prevent unauthorized breaches.
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