Sony Ventures into Cryptocurrency Exchange Sector with Acquisition of Amber Japan

Sony, the Japanese multi-industry conglomerate, is making waves in the cryptocurrency industry with its recent acquisition of Amber Japan, a prominent crypto firm. This move marks Sony’s debut into the cryptocurrency exchange sector, adding to its diverse portfolio of holdings.

With a market valuation of $100 billion, Sony has been eyeing opportunities to expand its reach and explore new ventures. Last year, the company’s commercial subsidiary, Sony Network Communications, partnered with the Japanese blockchain startup Startale Labs to create its own public blockchain network.

The latest development sees WhaleFin rebranding to S.BLOX Co. and collaborating with other companies within the Sony Group to enhance its cryptocurrency trading services. The updated mobile app and user interface promise a more user-friendly experience for customers. While the official launch details are yet to be revealed, the market is buzzing with excitement for Sony’s foray into the cryptocurrency exchange sector.

Sony’s cryptocurrency venture traces back to the acquisition of the Japanese cryptocurrency exchange DeCurret in 2022 by the Amber Group’s Japanese subsidiary. In 2023, Quetta Web Co., a Sony subsidiary, acquired the platform, paving the way for Sony’s entry into the cryptocurrency market.

Amber Japan’s decision to streamline its operations and focus on core activities led to the sale of the exchange. Managing Partner Annabelle Huang highlighted the favorable regulatory environment in Hong Kong, contrasting with the stricter regulations in Japan.

As Sony continues to expand its presence in various industries such as music, gaming, and cameras, its entry into the cryptocurrency exchange sector signals a new chapter in the company’s growth trajectory. Stay tuned for more updates on Sony’s cryptocurrency venture and its impact on the market.