Sony Group, a global conglomerate known for its significant presence in electronics, gaming and entertainment, has taken a bold step into the cryptocurrency exchange market by acquiring Amber Japan, a subsidiary of international cryptocurrency finance company, Amber Group . This movement, initially x.com/WuBlockchain/status/1807569214359969968″ target=”_blank” rel=”noopener nofollow”>reported by Wu Blockchain, signifies Sony's strategic expansion into the rapidly evolving Web3 and digital asset landscape.
Sony goes crypto
Amber Japan, which previously operated under the name DeCurret, was acquired by Amber Group in 2022 and is now renamed S.BLOX, following its acquisition by Sony. TO Press release Substantial upcoming improvements to the platform were detailed in PR Times, including a completely redesigned user interface and the development of a new mobile app, aimed at improving user accessibility and functionality.
The acquisition was completed in August 2023 when Quetta Web Co., a wholly owned subsidiary of Sony, took over the platform. This strategic acquisition comes after a tumultuous period for Amber Group, which faced significant challenges following the collapse of cryptocurrency exchange FTX. Despite these hurdles, Sony's decision to rebrand the service as S.BLOX is a clear indication of its commitment to not only entering, but also innovating in the space.
As part of its integration strategy, Sony plans to leverage its extensive business network to enhance the crypto trading services provided by S.BLOX. The integration aims to foster synergies between Sony’s existing technology and entertainment ecosystems and the newly acquired trading platform. However, the specific launch date for the revamped S.BLOX crypto exchange remains under wraps, suggesting a meticulously planned launch to ensure alignment with Sony’s high standards and strategic goals.
Furthermore, Sony's foray into blockchain technology is not limited to cryptocurrency trading. The conglomerate has been exploring the implementation of blockchain and non-fungible tokens (nfts) within its gaming division for several years. In 2022, Sony filed a patent for an “nft Framework for Transferring and Using Digital Assets Between Gaming Platforms.” This framework describes a system that facilitates the use of nfts on different gaming platforms, introducing innovative concepts such as nft-locked gameplay and player rewards with unique digital assets.
Leadership of the new crypto initiative will include key figures from the blockchain industry, such as Sota Watanabe, founder and CEO of Startale Labs. Watanabe x.com/WatanabeSota” target=”_blank” rel=”noopener nofollow”>revealed via a post on
This acquisition is part of Sony’s broader strategy to diversify its business and remain competitive in the digital age. With a market value already exceeding $100 billion, Sony’s entry into the cryptocurrency exchange market could not only diversify its revenue streams but also enhance its positioning as a leader in digital innovation.
At the time of writing, btc was trading at $62,835.
Featured image from The Japan Times, chart from TradingView.com
