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Sony Launches Cryptocurrency Exchange in Japan
The cryptocurrency industry has seen the arrival of several large companies into its ecosystem. Following this cryptocurrency trail, Sony, the Japanese multi-sector conglomerate, has decided to acquire Amber Japan, a well-known cryptocurrency company. Through this agreement, Sony will debut in the cryptocurrency exchange industry.
With a market valuation of $100 billion, Sony has long talked about diversifying its investments. To build its portfolio, the company has entered the cryptocurrency market. The company’s trading subsidiary, Sony Network Communications, partnered with Japanese blockchain startup Startale Labs to create Sony’s public blockchain network last year.
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. Additionally, the update also includes a new, more intuitive mobile app and UI update. Official launch details have yet to be announced. But the market is enthusiastic and anxiously awaits his initiative. Sony already has a market presence 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 business, Amber announced last year that it would reduce its mass consumer initiatives and non-core business lines. Annabelle Huang, the company’s managing partner, 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.”