Sony Group, a global conglomerate known for its strong presence in electronics, gaming, and entertainment, has taken a bold step into the crypto exchange market by acquiring Amber Japan, a subsidiary of international crypto financial firm, Amber Group . The move, first reported by Wu Blockchain, marks the expansion of Sony’s strategy into the evolving Web3 and digital asset landscape.
Sony Goes Crypto
Previously operating under the name DeCurret, Amber Japan was acquired by the Amber Group in 2022 and has now been renamed S.BLOX, following its acquisition by Sony. A news report in PR Times detailed the platform’s upcoming major enhancements, including a completely redesigned 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 purchase follows a difficult period for the Amber Group, which faced major challenges after the collapse of the crypto exchange FTX. Despite these setbacks, Sony’s move to rebuild the service on S.BLOX is a clear sign of its commitment to not only entering but also innovating within the space.
As part of its integration strategy, Sony plans to use its extensive network of businesses to improve the crypto trading services offered by S.BLOX. The merger is intended to foster synergy between Sony’s existing technology and newly acquired entertainment and commerce ecosystem. However, the exact launch date of the advanced crypto exchange S.BLOX remains under wraps, suggesting a carefully planned rollout to ensure compliance with Sony’s high standards and strategic goals.
Furthermore, Sony’s foray into blockchain technology is not limited to crypto 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 a “NFT Framework for Transferring and Using Digital Assets Between Gaming Platforms.” This framework presents a system that facilitates the use of NFTs across different gaming platforms, including new concepts such as NFT-locked gameplay and rewards for players with unique digital assets.
The leadership of the new crypto program will include key figures from the blockchain industry, such as Sota Watanabe, founder and CEO of Startale Labs. Watanabe revealed in a post to X that an outside director from Startale will lead Sony’s new exchange, indicating strategic alignment with experienced leaders in the blockchain field to guide Sony’s efforts.
The acquisition is part of Sony’s broader strategy to diversify its business and maintain its competitiveness in the digital age. With a market value already over $100 billion, Sony’s entry into the crypto exchange market has not only diversified its revenue stream but also enhanced its position as a leader in digital innovation.
At press time, BTC traded at $62,835.
Featured image from The Japan Times, chart from TradingView.com
Source link
