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Sony enters the crypto-verse with Amber Group
The cryptocurrency industry has seen the arrival of several large companies into its ecosystem. Following this cryptocurrency path, Sony, the Japanese multi-sector conglomerate, has decided to acquire Amber Japan, a major cryptocurrency company. Through this agreement, Sony will make its debut in the cryptocurrency exchange industry.
With a market valuation of $100 billion, Sony has long been talking about diversifying its holdings. To build its portfolio, the company has entered the cryptocurrency market. The company’s trading arm, Sony Network Communications, partnered with Japanese blockchain startup Startale Labs last year to create Sony’s public blockchain network.
According to announcementWhaleFin has changed its name to S.BLOX Co. This entity intends to collaborate with other Sony Group companies to provide value to its cryptocurrency trading services. In addition, the update also includes a new, more user-friendly mobile app and a user interface update. The details of the official launch are yet to be announced. But the market is excited and eagerly awaiting its venture. Sony is already present in the market in the music, gaming, and camera sectors.
Read also: Ripple secures 80% partnership penetration in Japanese banking sector
Origins of Sony’s Cryptocurrency Initiative
The cryptocurrency trading company was originally a Japanese cryptocurrency exchange DeCurret. It was first acquired in 2022 by Singapore’s Japanese subsidiary Amber Group. In the 2022 press release, Quetta Web Co., a subsidiary of Sony, acquired the platform in August 2023.
To focus on its core businesses, Amber announced last year that it would scale back its mass consumer initiatives and non-core business lines. Annabelle Huang, managing partner of the firm, said:
“Japan is a very high-quality market, but the regulations are strict. The regulatory scene in Hong Kong has been very positive for us, in preparation for our license application.”