News
Sony enters the cryptocurrency sector with the acquisition of Amber Japan
Sony Group, a global conglomerate known for its substantial presence in the electronics, gaming, and entertainment industries, has taken a bold step into the cryptocurrency exchange market through the acquisition of Amber Japan, a subsidiary of the international crypto finance firm Amber Group. This move, initially reported by Wu Blockchain, symbolizes Sony’s strategic expansion into the rapidly evolving Web3 and digital asset landscape.
Sony Goes for Encryption
Previously operating under the name DeCurret, Amber Japan was acquired by Amber Group in 2022 and has now been rebranded as S.BLOX, following its acquisition by Sony. A Press release PR Times detailed upcoming major improvements to the platform, including a completely redesigned user interface and the development of a new mobile application, aimed at improving user accessibility and functionality.
The acquisition was finalized in August 2023 when Quetta Web Co., a wholly owned subsidiary of Sony, took over the platform. This strategic acquisition follows a tumultuous period for Amber Group, which faced significant challenges in its aftermath collapse of the FTX crypto exchange. Despite these hurdles, Sony’s move to rename the service S.BLOX is a clear indication of its commitment to not only entering but also innovating within the space.
As part of its integration strategy, Sony plans to leverage its large network of companies to enhance the cryptocurrency trading services provided by S.BLOX. The integration aims to drive 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 cryptocurrency 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 implementing 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 outlines a system that facilitates the use of NFTs across different gaming platforms, featuring innovative concepts such as NFT-locked gameplay and rewards players with unique digital assets.
The leadership of the new crypto initiative will include key figures from the blockchain industry, such as Sota Watanabe, founder and CEO of Startale laboratories. Watanabe disclosed Via a post on X, it is said that an outside director from Startale will lead Sony’s new exchange, indicating a strategic alignment with experienced leaders in the blockchain industry to guide Sony’s efforts.
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 press time, BTC was trading at $62,835.
Featured image from The Japan Times, chart from TradingView.com