Japanese electronics giant Sony Group has announced the acquisition of Amber Japan, a cryptocurrency exchange under Singaporean market maker Amber Group, for billions of yen. The exchange will be renamed S.BLOX and will further advance its collaboration with Sony Group in the future.
Amber Group, known for its cryptocurrency market-making, has notable investors including Temasek, Sequoia China, Pantera, Tiger Global Management, Coinbase, and others. It has previously launched an all-in-one digital asset management platform called WhaleFin. However, after FTX’s collapse in 2022, Amber Group faced financial difficulties and reportedly engaged in a decentralized debt-to-equity swap.
Following the acquisition, Yijin Li has resigned as the representative of Amber Japan, and Jun Watanabe, the Chairman of Sony Network Communications Inc., has taken on the role as the representative of the newly acquired company.
After the acquisition news, Amber Japan, which operates WhaleFin, announced today that it will be renamed S.BLOX Co., Ltd. It plans to further promote cooperation with Sony Group and update WhaleFin. The updates will include a redesign of the UI interface, the launch of a new application, and plans to expand support for different cryptocurrencies and functionalities.
According to the statement, S.BLOX Co., Ltd was fully acquired by Sony Group subsidiary Quetta Web Co., Ltd in August 2023. It will continue to operate its cryptocurrency asset trading services and collaborate with various businesses within Sony Group to create new value in the field of cryptocurrency asset trading.
Sony’s entry into the blockchain field is a significant milestone, as the company has been exploring the use of NFTs and blockchain in gaming for the past few years. Last year in March, Sony submitted a patent application titled “NFT Framework for Transferring and Using Digital Assets Between Game Platforms.” The patent outlines a system for cross-platform use of NFTs, including limited use of NFTs in-game missions and rewarding players with NFTs.
How Sony will apply blockchain technology in future games and platforms remains to be seen, but it is evident that Sony is actively exploring innovative ways to enhance user gaming experiences.
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