Sony Corporation is preparing to launch a cryptocurrency exchange subsidiary by transforming the local trading platform WhaleFin, which it acquired last year.
According to a press release today (Monday), WhaleFin has been rebranded as S.BLOX Co. The subsidiary aims to collaborate with Sony Group's other businesses to enhance its crypto trading services.
S.BLOX Launch Date Pending
The rebranding effort includes a redesigned user interface and the introduction of a new mobile app aimed at improving user experience, as stated in the release. However, the specific launch date for the S.BLOX crypto exchange has not yet been disclosed.
Initially, the entity behind the crypto trading platform was DeCurret, a Japanese exchange acquired by the Japanese subsidiary of Singapore's Amber Group in 2022. In August 2023, Sony's wholly-owned subsidiary Quetta Web Co. took over the platform, according to a 2022 press release.
???? SONY LAUNCHES S.BLOX CRYPTO EXCHANGE IN JAPANSony is launching S.BLOX, a rebranded version of Amber Japan, a crypto exchange it acquired last year.New users signing up through Nuro Mobile, Sony's mobile reseller, will receive ¥3,000 in Bitcoin.S.BLOX will integrate with… pic.twitter.com/SOJhG8Do6C
— Mario Nawfal’s Roundtable (@RoundtableSpace) July 1, 2024
Public Blockchain Development
Sony has been actively expanding its presence in Web3. In the previous year, Sony Network Communications, a division of the conglomerate, partnered with Japanese blockchain firm Startale Labs to develop Sony's own public blockchain network.
Regarding leadership of the new crypto exchange, Sota Watanabe, founder and CEO of Startale Labs, mentioned on Monday that Startale's external director will head Sony's initiative, without elaborating further.
In addition to its crypto ventures, Sony has also shown interest in non-fungible tokens (NFTs). The company filed a patent last year for more versatile use of NFTs as in-game assets, which it has branded as "super-fungible tokens."
This article was written by Tareq Sikder at www.financemagnates.com.
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