Sony to Resume Operations of Acquired Japanese Cryptocurrency Company ‘WhaleFin’

Japanese tech giant Sony is preparing to run a cryptocurrency exchange business via WhaleFin, which it acquired in 2023. With this, Sony will have found itself testing rougher waters in the Web3 domain, which is not only fraught with financial risks , but also by regulatory controls around the world. Sony plans to reboot the exchange by launching a new app, dedicated to cryptocurrency exchange and trading services. It is not yet clear whether WhaleFin will continue to be the name of this exchange or whether Sony will change it to mark its new beginning.

On Sony’s History and Future with WhaleFin

In December 2021, Amber Group announced the launch of WhaleFin as its flagship digital asset platform. In August 2023, Sony’s Quetta Web unit acquired Amber Japan, which was Whalefin’s parent company at the time. On Monday, July 1, Amber Japan made a Official announcement about being renamed S.Blox. In addition to the announcement, S.Blox also revealed that cryptocurrency exchange WhaleFin is preparing to resume operations.

“WhaleFin is scheduled to undergo a revamp in the future. In addition to redesigning the UI screen, WhaleFin’s revamp will include the release of a new app to provide a more user-friendly service. After the revamp, we also plan to further expand the supported currencies and functions,” the announcement said.

With this, the Sony group is trying to improve its product and service offerings by integrating cryptocentric features. For now, neither Sony nor S.Blox have revealed the exact timeline for when cryptocurrency exchange WhaleFin will resume its operations.

Sony’s commitment to Web3 so far

Sony, a popular name in the technology industry, is now looking to delve into the Web3 arena. In 2022, Sony Music Entertainment She said was exploring avenues to bring artists and music together with the NFT industry. At the time, Sony had filed a trademark application for the Columbia Records logo, intending to use it in NFT-backed media. The same year, Sony applied for a patent for tracking digital collectibles within its gaming ecosystem, via NFTs.

In 2023, Sony Network Communications made a team with the smart contract platform, Astar Network aims to explore how blockchain could solve persistent problems in the gaming, entertainment, music and imaging industries.

Recently, Sony said it is planning to let players assemble all of their digital collectibles and create what it calls a Super fungible token – trying to carve out a new niche in the NFT sector.

In 2023, Fumio Kishida, the Prime Minister of Japan, called Web3 “the next form of capitalism” and expressed his enthusiasm for Japan’s foray into the digital asset industry. Since then, crypto companies have been enjoying Binance AND Mercari have taken measures in favor of cryptocurrencies to thrive in the country.

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