Sony, the technology giant, is preparing to relaunch Whalefin, a cryptocurrency exchange platform purchased from cryptocurrency lender Amber Group last year. This acquisition marks Sony’s significant entry into the crypto industry, as the company has already explored Web3 through partnerships and investments.
Amber Group sold its Japanese unit due to strict regulations, paving the way for Sony’s acquisition. The relaunch of Whalefin is planned with a new application, according to a press release on PR Times.
Detailed Acquisition and Rebranding by Sony
Whalefin, now under Sony’s umbrella, announced that its parent company, Amber Japan, is rebranding as S.BLOX. This information was first reported by Wu Blockchain and has been confirmed by The Block. Whalefin’s statement revealed that the company was acquired by Quetta Web, a Sony subsidiary, in August 2023. The financial terms of the acquisition were not disclosed.
Sony’s Investments in Web3
Sony has already explored web3 through partnerships and investments in startups. This acquisition and relaunch of Whalefin mark a major advancement in Sony’s commitment to the crypto industry.
Context and Motivations for the Acquisition
Last year, Bloomberg reported that Amber Group, based in Hong Kong, was considering selling its Japanese unit due to strict regulations in the country. This stringent regulatory context undoubtedly influenced Amber Group’s decision to divest its Japanese subsidiary, opening the way for Sony’s acquisition.
Perspectives for Whalefin, Sony, and the S.BLOX Exchange
The relaunch of Whalefin by Sony is eagerly anticipated in the cryptocurrency industry. With this initiative, Sony could potentially integrate more crypto features into its existing and future products, especially in regards to gaming and consoles. Whalefin’s upcoming application could offer an enhanced user interface and new features tailored to user needs.
