Tech
Sony Acquires Cryptocurrency Exchange Whalefin, Plans Relaunch
Sony Corporation is set to access the cryptocurrency market relaunching Whalefin, a cryptocurrency exchange acquired by Amber Group in 2023. The financial details of the transaction remain secret.
The news, initially reported by Wu Blockchain and subsequently confirmed by The Blockmarks a significant step for the tech giant into the digital assets space. Whalefin recently announced that its parent company, Amber Japan, changed its name to S.BLOX after being acquired by Quetta Web, a subsidiary of Sony, in August 2023.
Amber Japan, formerly known as DeCurret, came under the ownership of Amber Group in 2022. Sony intends to relaunch the exchange with a new application, as stated in a press release published on PR Times.
This isn’t Sony’s first crypto rodeo
While Sony has already shown interest in Web3 through various investments and collaborationsthis acquisition represents its most direct involvement to date in the cryptocurrency industry. The company has already made collaborated with Astar Network for a Web3 incubation program and filed a patent for cross-platform NFT transfers in games.
The move comes amid reports that Hong Kong-based Amber Group had been is considering selling its Japanese unit due to the country’s strict regulatory environment.
Cryptocurrency exchanges are digital platforms that allow users to buy, sell, and trade various cryptocurrencies. These exchanges act as intermediaries between buyers and sellers, providing a marketplace where users can exchange traditional fiat currencies for cryptocurrencies or exchange one type of cryptocurrency for another. They typically offer features such as real-time price quotes, trading tools, and secure wallets for storing digital assets. Cryptocurrency exchanges play a crucial role in the broader cryptocurrency ecosystem by providing liquidity and facilitating the adoption of digital currencies.
Operating a cryptocurrency exchange in Japan under Sony ownership has numerous advantages. Japanese market is known for his progressive stance on cryptocurrency regulation, having recognized Bitcoin as a legal form of payment in 2017.
This regulatory clarity provides a stable environment for cryptocurrency companies to operate. Sony, as an established and trusted global technology company, brings significant credibility and financial backing to the venture.