Sony enters the cryptocurrency market through the acquisition of Amber Japan

Sony Group, a global conglomerate known for its significant presence in electronics, gaming, and entertainment, has made a bold move into the cryptocurrency exchange market with the acquisition of Amber Japan, a subsidiary of international cryptocurrency finance company Amber Group. The move, initially reported by Wu Blockchain, marks Sony’s strategic expansion into the rapidly evolving Web3 and digital asset landscape.

Sony is betting on cryptocurrencies

Formerly DeCurret, Amber Japan was acquired by Amber Group in 2022 and has now been renamed S.BLOX following its acquisition by Sony. The press release published by PR Times details upcoming major improvements to the platform, including a completely redesigned user interface and the development of a new mobile application, aimed at improving accessibility and functionality for users.

The acquisition was finalized in August 2023 when Quetta Web Co., a wholly owned subsidiary of Sony, acquired the platform. This strategic acquisition comes after a turbulent period for Amber Group, which faced significant challenges following the collapse of the FTX cryptocurrency exchange. Despite these obstacles, Sony’s decision to rename the service to S.BLOX is a clear signal of its commitment to not only enter the market, but also innovate in this space.

As part of its integration strategy, Sony plans to leverage its broad business network to enhance S.BLOX’s cryptocurrency trading services. The integration aims to foster synergies between Sony’s existing technology and entertainment ecosystems and the newly acquired trading platform. However, the specific launch date of the revamped S.BLOX cryptocurrency exchange remains shrouded in mystery, suggesting a meticulously planned rollout to ensure compliance with Sony’s high standards and strategic goals.

Moreover, Sony’s foray into blockchain technology is not limited to cryptocurrency trading. The conglomerate has been exploring the implementation of blockchain and non-fungible tokens (NFTs) in its gaming division for several years. In 2022, Sony filed a patent for “NFT Framework for Transferring and Using Digital Assets Between Games Platforms”. This framework presents a system that facilitates the use of NFTs across gaming platforms, offering innovative concepts such as NFT-locked gameplay and rewards for players with unique digital assets.

Leadership of the new crypto initiative will include key figures from the blockchain industry, such as Sota Watanabe, founder and CEO of Startale Labs. Watanabe revealed in a post on X that an outside executive from Startale will lead Sony’s new exchange, indicating a strategic alignment with experienced leaders in the blockchain sector who will lead Sony’s efforts.

This acquisition is part of Sony’s broader strategy to diversify its business and remain competitive in the digital age. With a market value already exceeding $100 billion, Sony’s entry into the cryptocurrency exchange market could not only diversify its revenue streams, but also strengthen its position as a leader in digital innovation.

At the time of publication, the BTC price was $62,835.

Featured image from The Japan Times, chart from TradingView.com