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Sony to Open Crypto Business in Japan

The world of cryptocurrency has been buzzing with activity, and several major companies have joined this digital gold rush. One of the most recent entrants is Sony, the renowned Japanese conglomerate, which has taken a significant step through its acquisition of Amber Japan, a notable cryptocurrency company. This acquisition marks Sony’s official entry into the cryptocurrency exchange market.

Initially, the crypto company was known as DeCurret, a Japanese exchange. It was acquired in 2022 by Amber Group’s Japanese arm. Later, in August 2023, Quetta Web Co., a Sony subsidiary, took over the platform.

Amber Group had earlier announced a shift in focus, planning to scale back on broader consumer projects and noncore business areas. Annabelle Huang, managing partner at Amber, commented on the decision, highlighting the high-quality but stringent regulations in Japan and the favorable regulatory environment in Hong Kong, which is aiding the company’s license application process.

Sony, valued at around $100 billion, has always been keen on expanding and diversifying its investments. The strategic move into the crypto space aligns with its broader goal of enhancing its portfolio.

The acquisition also brought some changes, with WhaleFin rebranding to S.BLOX Co. The new entity aims to benefit from its position within the Sony Group to enhance its crypto trading services. A fresh, user-friendly mobile app and a revamped user interface are part of this transformation.

While the exact launch date hasn’t been revealed, the market is abuzz with anticipation for this new venture. Sony is already a big player in cameras, music and gaming, and this move adds another dimension to its portfolio.

Sony’s entry into the cryptocurrency space is not wholly novel. The business submitted a patent application in 2023 for a system that enables NFTs to be utilized as in-game items on all of its gaming platforms. In addition, last year, Sony Network Communications, a branch of the company, partnered with Japanese blockchain startup Startale Labs to develop Sony’s proprietary blockchain` network, intending to maximize value from the group’s IP portfolio through the metaverse.

Moreover, Sony Bank says it is on the verge of launching its app, called Sony Bank Connect, which will provide entertainment-based NFT incentives connected to financial products. The bank recently began preregistering users for the app.

Sony has a wide range of brands at its disposal, thanks to its accomplishments in areas such as PlayStation, music and pictures. Given the group’s vast intellectual property, it is easy to see how blockchain technology may combine products from different divisions inside the company.

Sony will be joining an industry that has a variety of established companies, such as Bit Digital Inc. (NASDAQ: BTBT), and the company’s involvement will help the industry increase its penetration of different markets.

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