After acquiring Amber Japan through one of its subsidiaries last year, Sony is looking to revive the cryptocurrency exchange operated by the company. We take stock.
Sony to launch its own cryptocurrency exchange
On several occasions in recent years, Sony Group has shown curiosity about the cryptocurrency ecosystem. Now, this curiosity is about to go further, with the launch of an exchange in Japan.
In reality, it is not a creation from scratch, but rather the redesign of an already existing platform. Indeed, it is through its subsidiary Quetta Web, that Sony acquired Amber Japan in August 2023which operated the WhaleFin exchange.
This is the same exchange that made headlines last year after being sued by Atlético Madrid for failing to pay €40 million owed in a sponsorship deal. By 2022, the company had laid off 40% of its staff.
On the occasion of this recovery, The exchange will be relaunched under the name S.BLOX and should be completely reworked:
As part of the WhaleFin redesign, in addition to the improvement and redesign of the user interface, a new application will be launched, providing a more user-friendly service. After the redesign, the expansion of supported currencies and features is also planned.
For the moment, no reopening date has been communicated, and we will therefore have to wait to find out more.
👉 Also in the news — MiCA: new rules on stablecoins come into force — What does this change?
For its part, SONY shares trade at $85 on the New York Stock Exchange (NYSE), for a market capitalization of more than $104 billion. Earlier in the spring, the company also unveiled a stablecoin project on the Polygon network (MATIC).
Trade Republic: Earn 4% interest per year on uninvested cash
Source: Press release
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page may feature investment-related assets, products or services. Some links in this article may be affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and cannot be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your capacity to lose part of this savings. Do not invest if you are not prepared to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
Since 2021, I have devoted my free time to seriously training myself on cryptocurrencies in order to acquire as much knowledge and credibility as possible. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyses on Web3 themes to offer exclusive content to Cryptoast readers.
Vincent Maire
1232 articles
