Sony enters the crypto trading market

Japanese conglomerate Sony, the company behind PlayStation, is preparing to relaunch local cryptocurrency exchange Whalefin.
In an announcement on Monday, Whalefin’s parent company Amber Japan revealed it has changed its name to S.BLOX. The re-branding move is in line with a wider effort to strengthen the local trading platform, introduce additional features and improve ease of use.
Specifically, the platform is undergoing a user interface redesign and developing new applications with a more intuitive user experience.

Sony Launches Cryptocurrency Exchange in Japan
It is worth noting that Sony subsidiary Quetta acquired Amber Japan in August 2023 and has been operating it as an affiliate of the Sony Group since then. Sony plans to relaunch the re-branded local cryptocurrency exchange soon, but the exact date remains undisclosed.
The move marks Sony’s first major foray into the crypto market, building on previous Web3 explorations through partnerships and investments. The company has previously worked with Astar Network on its Web3 incubation agenda and has filed a patent for transferring NFTs between consoles and games.
Additionally, Sony’s business unit Sony Network Communications has formed an alliance with Japanese blockchain company Startale Labs in 2023 to jointly develop a proprietary public blockchain network for the tech giant.
In comments to X, Startale Labs CEO Sota Watanabe revealed that an outside director of Startale will lead Sony’s new cryptocurrency exchange.
“We developed the chain-level plan 1.5 years ago and entered the execution phase,” Watanabe said.
From DeCurret to Amber Japan to S.BLOX
Notably, Amber Japan emerged in 2022 when the Japanese subsidiary of Singapore-based market maker Amber Group acquired Japan-regulated cryptocurrency trading platform DeCurret.
However, Amber Japan has now been renamed S.BLOX Co. LTD effective July 1 and is now operated under the Sony Group.
As highlighted by Asia journalist Colin Wu , Amber Group encountered difficulties after rebranding as Amber Japan in 2022, especially after the collapse of FTX.
According to him, the company is suspected of conducting a full debt-for-equity swap transaction with Fenbushi. Amber Group has an impressive list of investors, including Chinese-owned Gaia Ventures, Temasek, Tiger Global Management, Pantera, and Coinbase.
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