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Sony is redefining the cryptocurrency trading market
7.00pm ▪ 4 minute read ▪ by Mikaia A.
The determination of some institutional investors to venture into the cryptocurrency space persists, despite the recent setbacks in the sector. Sony, the Japanese giant, is among these bold entities, advancing its positions in the complex cryptocurrency landscape. The latest masterstroke? The launch of its new crypto exchange platform, S.BLOX. This development marks a strategic step for Sony, as it continues to expand its digital portfolio.
Sony makes a statement with S.BLOX and its new interface
Sony didn’t wait for the cryptocurrency craze to Exploring Web3, NFTs and the MetaverseThe Japanese giant has in fact multiplied its initiatives in these fields, in particular with the launching NFT projects and collaborations with blockchain companies.
But here comes the recent announcement From a new cryptocurrency exchange, called S.BLOX, change the game.
This platform, derived from the DeCurret Acquisitiona Japanese cryptocurrency exchange, from Sony subsidiary Quetta Web Co., promises to revolutionize the user experience with a revamped interface and intuitive mobile app.
According to Shinichi Tobe of Sony corporate communications:
«We believe that the development of Web3 services within the Sony group offers the opportunity to attract customers from the Fiat economic zone (Web2). By improving the UIUX and extending the functionality of the service, we aim to expand our activities through both internal and external collaborations. »
Therefore, Sony hopes to fascinate cryptocurrency enthusiastsincluding bitcoin (BTC) and other altcoins, while integrating its other digital services.
Amber Group and Sony’s Crypto Expansion
The decisive turning point for Sony in the world of cryptocurrencies is undeniably its acquisition of Amber Groupa leading player in the industry.
The move, which followed a $300 million funding round from Amber Group, marks a bold response to the post-FTX turmoil.
Ambra Group, supported by Notable backers include Temasek, Sequoia China, and Coinbaseseen in Sony a strategic partner capable of revitalizing the cryptocurrency market.
As noted by crypto journalist Colin Wu: «Sony’s acquisition of Amber marks a strategic move into the cryptocurrency exchange industry, leveraging its strong market presence.”
This initiative does not only aim to safe customers affected by the FTX fiasco but also consolidate Sony’s position in a rapidly growing sector.
The devaluation of the Japanese yen has also pushed companies like Metaplanet to adopt a Bitcoin-centric strategy, further accentuating interest in cryptocurrencies in the current economic environment.
Sony, with its crypto ambitions and innovative initiatives, in addition to its previous projects, is paving the way for a future in which blockchain technologies and digital financial services are closely intertwined. It remains to be seen how these strategies will develop in the coming months.
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Mikaia A.
The blockchain and crypto revolution is underway! And the day the impacts are felt on the most vulnerable economy in this world, against all hope, I will say that I was there for someone
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Do your own research before making any investment decisions.