Sony Enters Crypto Business with Amber Exchange Acquisition
Sony has made a significant move into the crypto industry by acquiring Amber's crypto exchange and planning a major redesign of its WhaleFin app. The acquisition, set to be relaunched as S.BLOX, marks Sony's official entry into the crypto business.
Sony's acquisition of Amber Japan, a licensed crypto news exchange, comes after a challenging year for Amber, which faced layoffs following the collapse of FTX. Despite these hurdles, Amber's exchange remains regulated by the Japanese financial authority.
The redesign of Amber's WhaleFin app will fall under Sony's new S.BLOX brand. Sony has plans to integrate S.BLOX into various sectors of its business, creating synergies and potentially reviving Amber's international expansion plans. Jun Watanabe, the newly appointed Director of S.BLOX, is eager to explore new business areas through this partnership.
Sony's interest in blockchain technology is not new. The company has previously filed a patent for the use of NFTs in gaming and has been working on its own public blockchain platform. The identity of the director of Startale Labs expected to lead Sony's blockchain division has not been publicly disclosed.
With the acquisition of Amber's crypto exchange and the redesign of its WhaleFin app, Sony is set to make a significant impact in the crypto industry. Under the S.BLOX brand, Sony aims to create synergies across its business sectors and potentially revive Amber's international expansion plans. The appointment of Jun Watanabe as Director of S.BLOX signals Sony's commitment to exploring new business areas in the crypto space.
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