Sony has officially made its debut in the Japanese crypto exchange market through its recent acquisition of Whalefin, a popular exchange previously owned by Amber Group. The acquisition took place in August of last year, and now Sony is gearing up to take full control of the exchange and make its mark in the crypto ecosystem.
Whalefin, which used to operate under the umbrella of Amber Japan, has now been rebranded as S.Blox under Sony’s ownership. The exchange will be managed by Quetta Web, a subsidiary of Sony, and is set to launch with a new app-based platform complete with a fresh design and user interface.
This move represents Sony’s most significant foray into the world of cryptocurrency so far. While the company has dabbled in the industry before, this acquisition marks a major step forward in its crypto-related endeavors. However, operating in Japan’s crypto market comes with its own set of challenges, as the country has stringent regulations governing the industry.
Amber Group decided to sell Whalefin to Sony due to the regulatory complexities in Japan, which made it difficult for the exchange to continue operating independently. Sony will now need to navigate these regulations carefully to ensure compliance and success in the market.
In addition to its recent acquisition of Whalefin, Sony has been actively involved in various Web3 initiatives. The company has collaborated with the Astra Network to establish a Web3 incubator and has even filed a patent for NFT transactions between games and consoles. Furthermore, Sony Network Communications has partnered with Startale Labs, a Japanese blockchain developer, to build a public blockchain network.
Soto Watanabe, CEO of Startale Labs and founder of Astra Network, shared that an individual from his team will be leading Sony’s efforts in the crypto exchange business. This individual was involved in planning the chain layer for over a year before entering the execution phase, highlighting Sony’s strategic approach to this new venture.
Overall, Sony’s entry into the Japanese crypto exchange market with the acquisition of Whalefin signals the company’s commitment to exploring new opportunities in the crypto ecosystem. With a strong team and a clear vision in place, Sony is poised to make a significant impact in the industry and drive innovation in the market.