- Sony rebranded its subsidiary Amber Japan to S.BLOX and announced the relaunch of the WhaleFin crypto exchange.
- Sony’s expansion into crypto is part of its larger Web3 ambitions.
Sony Continues Web3 Expansion With New Crypto Exchange
Tech giant Sony is expanding its Web3 presence with the launch of a new crypto exchange.
Sony originally acquired the crypto exchange WhaleFin in 2023 when it purchased its parent company, Amber Japan.
Sony recently rebranded Amber Japan to S.BLOX and announced the relaunch of WhaleFin.
The relaunch of WhaleFin will include an enhanced user interface and an expansion of crypto trading services and other applications.
Sony plans to use WhaleFin’s crypto trading platform in cooperation with a wide range of its subsidiaries as they expand their Web3 presence.
WhaleFin Floundered in Japan’s Choppy Crypto Waters
WhaleFin was originally launched in December 2021 by Amber Group as its flagship digital asset platform.
However, strict crypto regulation in Japan led the Hong Kong-based company to sell its Japan unit.
Japan has enforced relatively strict regulation of crypto and related products and services, though this strictness has gradually eased in recent years.
“WhaleFin is scheduled to be renewed in the future. In addition to redesigning the UI screen, the renewal of WhaleFin will include the release of a new app to provide an easier-to-use service. After the renewal, we also plan to further expand the supported currencies and functions.”
– Amber Japan official announcement.
A subsidiary of Sony, Quetta Web, purchased Amber Japan, the parent company of WhaleFin at the time, in August 2023.
WhaleFin then languished as a crypto exchange while Sony prepared its relaunch alongside its broader Web3 ambitions.
Sony Eyes the Future With Web3 and Crypto
Sony’s expansion into crypto trading services is part of its larger Web3 ambitions.
While Sony has yet to offer a clear and comprehensive vision for its Web3 future, it has steadily increased its presence in related products and services.
When interest in NFTs was originally rising in 2022, Sony Music Entertainment explored ways that its artists could incorporate NFTs into their sales.
This exploration included a trademark application for the Columbia Records logo, which they intended to incorporate into the artist’s NFTs.
Sony has also filed a patent covering a method for transferring NFTs across its many different consoles and games.
This effort included allowing players to store all their related digital collectibles in one location, which they called a ‘Super Fungible Token’.
Sony has recently released a letter to major players in the AI industry, warning them that Sony intends to strongly enforce copyright protections.
AI is capable of creating highly marketable images, sounds and videos using copyrighted materials, and Sony intends to capitalize on its enormous bank of intellectual property.
It remains to be seen precisely what role this new crypto exchange will play in these forays into the Web3 ecosystem.
However, it is clear that Sony is building a substantial presence in a variety of related technologies and a crypto exchange will be a key part of these plans.
