The major Japanese business, Sony Group, will open a cryptocurrency exchange after purchasing Amber Japan.
A statement released on July 1 stated that Sony will take over ownership of Amber Japan’s WhaleFin exchange, which will go by the new name S.BLOX Co. It said:
“WhaleFin’s” renewal will feature a new app release to offer an easier-to-use service and modernise the user interface. We also intend to increase the number of supported currencies and features after the renewal.
Also Read: Best Crypto Twitter (X) Handles to Follow in 2024
On the other hand, the announcement did not indicate when this new exchange would start up.
The Singapore-based Amber Group purchased DeCurret, a licensed Japanese cryptocurrency exchange, and rebranded it as Amber Japan more than two years before this acquisition.
According to reports, the exchange suffered large losses in 2022 due to its exposure to the collapse of the FTX exchange.
In December 2022, Fenbushi Capital, Temasek, and Sequoia China invested $300 million in a Series C capital round that Amber Japan held to alleviate financial difficulties. This investment aimed to shield consumers impacted by the failure of FTX.
Also Read: Best Crypto Telegram Channels to Follow in 2024
The purchase by Sony comes after Amber Group declared in April 2023 that it might sell its Japanese business to concentrate on institutional rather than retail sales.
With this acquisition, the gaming, music, and electronics divisions of Sony Group will now incorporate cryptocurrency. It is anticipated that this action will increase Sony’s market value beyond its present estimated worth of $100 billion.
However, Sony has previously entered the developing market. Sony submitted a patent application in 2023 for an NFT framework, which would allow NFTs to be used as in-game assets on all of its gaming platforms.
Also Read: Best Crypto Discord Servers to Join in 2024 for Expert Trading Signals and Insights
