Japan’s multi-industry conglomerate, Sony, is poised to launch a cryptocurrency exchange subsidiary, leveraging its recent acquisition of the local trading platform WhaleFin. According to a press release on PR Times, WhaleFin has been rebranded as S.BLOX Co. and will collaborate with Sony Group’s other businesses to enhance its crypto trading services.
Rebranding and Redesign
The rebranding to S.BLOX includes a comprehensive redesign of the user interface and the introduction of a new mobile app aimed at improving user experience. While the exact launch date for the S.BLOX crypto exchange has not been announced, the revamp signifies a major step in Sony’s expansion into the cryptocurrency market.
Acquisition Background
The entity now known as S.BLOX began as the Japanese crypto exchange DeCurret. It was first acquired by the Japanese subsidiary of Singapore’s Amber Group in 2022. In August 2023, Sony’s wholly-owned subsidiary Quetta Web Co. acquired the platform, as confirmed in a 2022 press release.
Expansion into Web3
Sony has been making significant strides in expanding its presence in Web3. Sony Network Communications, a division of the conglomerate, partnered with Japanese blockchain firm Startale Labs last year to develop Sony’s public blockchain network. Sota Watanabe, founder and CEO of Startale Labs, announced on X that Startale’s external director will lead Sony’s new crypto exchange, though further details remain undisclosed.
Innovative NFT Applications
In addition to its crypto exchange plans, Sony has also filed a patent for more flexible use of NFTs as in-game assets, termed “super-fungible tokens.” This move underscores Sony’s commitment to integrating advanced blockchain technologies into its products and services.
Sony’s launch of the S.BLOX crypto exchange represents a significant development in the company’s strategy to expand its digital and blockchain offerings. By revamping WhaleFin and incorporating it into its broader business ecosystem, Sony is positioning itself as a major player in the evolving cryptocurrency market.
