July 5, 2024
By Anjali Kochhar
Sony Corporation is gearing up to relaunch the crypto exchange Whalefin, which it acquired from crypto lender Amber Group in 2023. The acquisition was initially reported by Wu Blockchain and later confirmed by other media organizations. A notice from Whalefin on Monday stated that its parent company, Amber Japan, will rebrand to S.BLOX. It also revealed that Quetta Web, a Sony subsidiary, purchased the company in August 2023. The financial terms of the deal remain undisclosed.
Amber Japan, formerly DeCurret, was taken over by the crypto finance firm Amber Group in 2022. The exchange, now under Sony’s wing, is set to launch a new app soon, signaling Sony’s significant step into the cryptocurrency industry. This development was highlighted in a release on PR Times.
Sony has previously engaged with the Web3 space through various partnerships and investments. Notably, the company collaborated with Astar Network for a Web3 incubation program and filed a patent for transferring non-fungible tokens (NFTs) between different games and consoles. However, the acquisition and rebranding of Whalefin mark a more direct involvement in the crypto sector for the tech giant.
The decision to sell Whalefin came after Bloomberg reported last year that Amber Group, based in Hong Kong, was looking to divest its Japanese unit due to Japan’s stringent regulatory environment for cryptocurrencies. This regulatory landscape has posed challenges for many crypto firms seeking to operate in the country.
Sony’s rebranding of Amber Japan to S.BLOX and the planned relaunch of Whalefin indicate a strategic move to capitalize on the growing interest in cryptocurrencies and blockchain technology. By leveraging its extensive technological expertise and market presence, Sony aims to establish a strong foothold in the crypto exchange market.
While specific details about the new Whalefin app have not been disclosed, industry observers anticipate that Sony’s foray into the crypto exchange space could bring innovative features and enhanced user experiences, potentially setting new standards in the market.
Sony and Amber Group have not yet commented on the acquisition or the upcoming relaunch. The relaunch of Whalefin will be closely watched by industry analysts and enthusiasts alike, as it represents a significant development in the intersection of traditional technology companies and the rapidly evolving world of cryptocurrencies.
As Sony prepares to restart Whalefin, the firm is positioned to have a significant impact on the cryptocurrency exchange market, highlighting its dedication to studying and integrating cutting-edge technology. This decision could open the door for future breakthroughs and cooperation in the crypto and blockchain industries.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.