Sony Group, a giant conglomerate in Japan, recently announced its acquisition of Amber Japan, a move that will see the launch of a new crypto exchange. The WhaleFin exchange, previously owned by Amber Japan, will now be rebranded as S.BLOX Co under Sony’s ownership. This acquisition marks Sony’s entrance into the world of cryptocurrencies, adding to its already diverse portfolio which includes gaming, music, and electronics businesses.
The statement released by Sony on July 1 revealed that the newly acquired exchange will undergo a redesign of its UI screen, as well as the release of a new app aimed at providing a more user-friendly experience. Sony also plans to expand the range of supported currencies and functions after the renewal of the exchange. However, details regarding the operational timeline of the new exchange were not provided in the announcement.
The acquisition of Amber Japan by Sony comes after the exchange faced significant challenges in 2022, primarily due to its exposure to the collapsed FTX exchange. To address financial issues stemming from the collapse, Amber Japan raised $300 million in a Series C funding round in December 2022, with investments from Fenbushi Capital, Temasek, and Sequoia China. Sony’s acquisition of the exchange follows Amber Group’s decision to focus on institutional rather than retail business, hinting at a shift in the company’s strategic focus.
With the addition of a crypto exchange to its portfolio, Sony Group is poised to enhance its market value beyond its current $100 billion valuation. This move signals Sony’s commitment to diversifying its business ventures and exploring new opportunities in the rapidly evolving crypto industry. Moreover, Sony’s previous filing of a patent for an NFT framework in 2023 demonstrates the company’s interest in incorporating blockchain technology and digital assets into its existing platforms.
Sony Group’s acquisition of a crypto exchange marks a significant milestone for the conglomerate as it ventures into the world of cryptocurrencies. The strategic move is expected to not only bolster Sony’s market value but also position the company as a key player in the growing digital asset space. As Sony continues to expand its business horizons, it will be interesting to see how the integration of a crypto exchange impacts its overall operations and industry presence.