Bitrabo Editorial
Sony, a renowned global conglomerate known for its presence in electronics, gaming, and entertainment sectors, has ventured into the crypto exchange market by acquiring Amber Japan, a subsidiary of the international crypto finance firm, Amber Group. This strategic move by Sony signifies its entrance into the evolving Web3 and digital asset landscape, as reported by Wu Blockchain.
Sony Dives into the Crypto Arena
Formerly known as DeCurret, Amber Japan was acquired by Amber Group in 2022 and is now renamed S.BLOX following Sony’s acquisition. A press release on PR Times outlined upcoming enhancements to the platform, including a revamped user interface and the development of a new mobile app to enhance user experience and accessibility.
The acquisition was finalized in August 2023 when Sony’s subsidiary, Quetta Web Co., took over the platform. Despite Amber Group facing challenges post the FTX exchange collapse, Sony’s rebranding of the service to S.BLOX demonstrates its dedication to entering and innovating within the crypto space.
As part of its integration plan, Sony intends to utilize its extensive network of businesses to enhance the crypto trading services offered by S.BLOX. The integration aims to create synergies between Sony’s technology and entertainment ecosystems and the newly acquired trading platform. The launch date for the revamped S.BLOX crypto exchange remains undisclosed, indicating a carefully planned rollout to align with Sony’s standards and goals.
Besides crypto trading, Sony has been exploring blockchain and non-fungible tokens (NFTs) in its gaming division. Sony filed a patent in 2022 for an “NFT Framework for Transferring and Using Digital Assets Between Games Platforms,” introducing concepts like NFT-locked gameplay and rewards for players with unique digital assets.
The new crypto venture will be led by industry leaders like Sota Watanabe, founder and CEO of Startale Labs. Watanabe revealed that an external director from Startale will head Sony’s new exchange, showcasing a strategic alignment with experienced blockchain leaders.
This acquisition is part of Sony’s strategy to diversify its business and stay competitive in the digital market. With a market value exceeding $100 billion, Sony’s entry into the crypto exchange market could diversify its revenue streams and strengthen its position as a digital innovation leader.
Current BTC price stands at $62,835.