Sony Group Ventures into Cryptocurrency Market by Acquiring Amber JapanSony Group, one of Japan’s largest and most influential companies, has entered the cryptocurrency market by acquiring Amber Japan.
Renowned for its ventures in gaming, music, and cameras, Sony, with a market value exceeding $100 billion, is signaling a significant shift in its strategic direction with this move.
Amber Japan was originally DeCurret, a regulated cryptocurrency trading platform in Japan. In early 2022, it was acquired by Singapore’s Amber Group and renamed. However, following the collapse of FTX, Amber Group faced severe financial troubles, leading to a suspected debt-to-equity transaction with Fenbushi. Amber Group’s investors include notable names like Temasek, Sequoia China, Pantera, Tiger, and Coinbase.
Now, Sony is leveraging its extensive resources and expertise to revitalize Amber Japan under the new name, S.BLOX.
S.BLOX to Overhaul WhaleFin
S.BLOX has announced major plans for its WhaleFin service, including a complete overhaul of the user interface and the release of new applications. In a statement, S.BLOX expressed:
”By collaborating with various Sony Group businesses, we aim to create new value in cryptocurrency trading services. We look forward to your continued support of WhaleFin.”
Acquired by Quetta Web Co., Ltd., a wholly-owned subsidiary of Sony Group Corporation, in August 2023, S.BLOX has been operating as an affiliate of Sony Group.
On January 31, 2024, S.BLOX released an improved version of WhaleFin and plans further enhancements to the service, focusing on UI design and new app releases.
Cryptopolitan reached out to Sony Group and Amber Group for comments, but both did not respond before publication.
Featured image from: ledgerinsights.com