Sony Enters Crypto Market with Acquisition of Amber Japan
Sony is set to enter the crypto market with the acquisition of Amber Japan, a licensed crypto exchange. The deal, facilitated by Sony's subsidiary Quetta Web, will see the exchange relaunch as S.BLOX in the first quarter of 2024.
Sony has been exploring the crypto and Web3 space for some time. Last year, it began working with Startale Labs on its own public blockchain platform. Now, it aims to create synergies by integrating S.BLOX into various sectors of the company.
Jun Watanabe, Director of S.BLOX, is eager to explore new business areas through the partnership with Sony. The exchange, previously known as Amber, faced challenges following the FTX collapse, including layoffs and halted international expansion. However, it remains licensed by the Japanese financial regulator. Under Sony's leadership, the exchange's WhaleFin app will be redesigned and relaunched as S.BLOX.
Sony's acquisition of Amber Japan marks a significant step into the crypto market. The electronics giant has been attempting to gain a foothold in the industry, having filed a patent for NFT use in gaming in 2022. The official launch of S.BLOX crypto issuance is planned for the first quarter of 2024, promising a new era for Sony in the digital asset space.
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