PlayStation manufacturer Sony pushes ahead with its own crypto exchange

Sony, the Japanese corporation known for the PlayStation games console, among other things, is expanding its involvement in the crypto sector. The approximately 100 billion US dollar company has taken over the crypto exchange WhaleFin, formerly DeCurrent, and is relaunching it under the name S.BLOX. This is according to a press release from Amber Japan, the company behind WhaleFin.

Our company Amber Japan changed its name to S.BLOX on July 1, 2024. Our company was acquired by Quetta Web Corporation, a wholly-owned subsidiary of Sony Group Corporation, in August 2023 and has been providing its services as a subsidiary of Sony Group Corporation since then.
_{From the press release}

Quetta Web, a subsidiary of Sony, acquired Amber Japan in October last year. The terms of the takeover are not known. Thei crypto exchange WhaleFin was known as DeCurrent before the takeover by Amber Japan.

At the start of the week, it was finally announced that Amber Japan had changed its name to S.BLOX and would be renewing its trading service for Bitcoin and the like, which is now also called S.BLOX. The associated app and its user interface are to be improved as part of the rebranding. The Sony conglomerate is also planning to attract new customers to the crypto exchange by collaborating with other branch companies.

We will also work to create new value in the crypto-asset trading services field in the future by collaborating with various Sony Group companies.
_{From the WhaleFin press release}

There is already a promotional offer for the customers of Nuro Mobile, Sony's cell phone contract company. Nuro Mobile customers who sign up to S.BLOX are to receive Bitcoin worth around 18 euros.

Sony was already involved in the crypto and NFT sector before the takeover of the exchange. Last year, the PlayStation manufacturer registered a patent for a more flexible use of NFTs within games. Sony also teamed up with the Japanese crypto company Startale Labs last year to build its own blockchain network.

While the Japanese yen is in free fall against the US dollar, Japanese companies' interest in Bitcoin and the like appears to be on the rise. This can be seen not only in the Japanese billion-dollar corporation Sony, which is expanding its involvement in the sector, but also in the smaller public limited company Metaplanet, which is now focusing on a Bitcoin strategy.

It will be interesting to see whether S.BLOX can establish itself as a major Japanese crypto exchange in the medium term. With Sony behind it, the conditions should be right. Over ten years ago, Mt.Gox, the largest Bitcoin exchange, came from the East Asian country until it collapsed due to hacks.

In any case, it is positive that established companies such as Sony are backing Bitcoin and Co. and thus lending the asset class additional legitimacy. It remains to be seen whether the general adoption of Bitcoin in Japan will gain further momentum as a result of the crypto exchange driven by Sony.