Sony Group Enters Crypto Exchange Arena via S.BLOX, Formerly Amber Japan

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As a researcher with a background in technology and finance, I am excited about Sony Group’s entry into the crypto exchange field through its subsidiary S.BLOX. The acquisition of Amber Japan in 2023 was a strategic move to tap into the growing potential of digital assets and web3 protocols.

As a crypto investor, I’m excited to share that Sony Group Corp, a prominent Japanese multinational conglomerate, has entered the crypto exchange sector. According to recent news, Amber Japan Co Ltd, previously known as DeCurret Inc and a cryptocurrency exchange company, officially rebranded to S.BLOX Co Ltd on July 1, 2024. This change signifies that the WhaleFin crypto trading service will undergo modifications to align with Sony Group’s other subsidiaries.

As a researcher, I’ve discovered that in August 2023, Sony Group made a notable acquisition of Amber Japan through its completely owned subsidiary, Quetta Web Co. The financial details of this transaction remain undisclosed to the public. However, I believe that Sony Group’s subsidiaries will experience considerable benefits as a result of the S.BLOX crypto exchange, which comes under Amber Japan’s umbrella. With the ongoing mainstream adoption of digital assets, this acquisition is expected to contribute positively to Sony Group’s growth in the tech sector.

The update on WhaleFin involves more than just revamping its user interface. It entails introducing a fresh application for smoother usage, as well as broadening the range of currencies and features we offer. As part of the Sony Group, we aim to enhance cryptocurrency trading experiences by collaborating with our various business entities.

Sony and Web3 Venture

In recent years, Sony Group has substantially expanded its involvement in web3 technology and digital assets due to regulatory shifts and surging global interest. Notably, on Monday, it was announced that one of Startale Labs’ external directors will oversee Sony Group’s S.BLOX cryptocurrency exchange.

As a crypto investor, I’m excited to share some inside information. The head of web3, who will be in charge of the exchange at Sony, is none other than our esteemed external director of our company. We mapped out a strategy for the chain layer about 1.5 years ago and have now entered the implementation phase.

— Sota | Astar + Startale (@WatanabeSota) July 1, 2024

Last year, Sony Network Communications, a subsidiary of Sony Group, revealed a strategic collaboration with Astar Network. This partnership aims to launch an incubation program focused on Non-Fungible Tokens (NFTs) and Decentralized Autonomous Organizations (DAOs) within the Web3 ecosystem. (Source: Coinspeaker’s previous report)

This year, Sony Bank, a subordinate of Sony Corporation, announced intentions to explore the use of stablecoins on the Polygon, or MATIC, network.

Sony Corporation aims to gain a competitive advantage by embracing web3 technologies and digital assets. These innovations hold significant promise for transforming various sectors, including social and financial systems, on a global scale.

Changing Regulatory Scope

In recent times, the Japanese government has passed distinct regulations regarding cryptocurrencies and web3 technologies, paving the way for their widespread usage and ensuring a stable adoption process. Amidst intensifying international competition, Japan has turned to the Web3 sector and digital assets as key drivers to revitalize its economy, which has been underperforming.

The Japanese government has implemented clear-cut regulations for stablecoins to draw in more institutional investors within the industry. This year’s WebX event, which is part of the Japanese Web3 community, will take place at the Prince Park Tower Tokyo in August. Prime Minister Fumio Kishida is among the scheduled speakers.

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2024-07-01 12:43