Sony Group, a prominent conglomerate in Japan, has made headlines with its recent acquisition of Amber Japan. This move will see Sony taking ownership of Amber Japan’s WhaleFin exchange, which will be rebranded as S.BLOX Co. The statement released on July 1 highlighted Sony’s plans to revamp the exchange’s UI screen and introduce a new app for enhanced user experience. Furthermore, Sony aims to expand the range of supported currencies and functions post the exchange’s renewal.
The acquisition of Amber Japan by Sony comes in the wake of challenges faced by the exchange in 2022, particularly due to its association with the collapsed FTX exchange. This predicament resulted in significant financial losses for Amber Japan. To counter these issues, Amber Japan raised $300 million in a Series C funding round in December 2022. Noteworthy investors in this funding round included Fenbushi Capital, Temasek, and Sequoia China. The primary objective behind raising these funds was to safeguard customers impacted by the FTX collapse.
Sony’s decision to acquire Amber Japan’s WhaleFin exchange is indicative of its strategic diversification into the crypto industry. This move aligns with Sony Group’s existing portfolio, which encompasses gaming, music, and electronics businesses. The acquisition is projected to augment Sony’s market value, propelling it beyond its current valuation of $100 billion. It is essential to note that Sony has previously explored the realm of emerging technologies, as evidenced by its filing of a patent for an NFT framework in 2023. This framework is designed to facilitate the utilization of NFTs as in-game assets across Sony’s gaming platforms.
Sony Group’s upcoming launch of the S.BLOX Co. crypto exchange marks a significant milestone in its foray into the burgeoning crypto industry. The acquisition of Amber Japan’s WhaleFin exchange underscores Sony’s commitment to innovation and diversification. With the revamped exchange set to offer an enhanced user experience and an expanded range of services, Sony is poised to make a substantial impact in the crypto landscape.