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Sony Plans to Resurrect Purchased Crypto Exchange
The Japanese tech giant bought Whalefin from Amber Group last year.
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Sony is planning to restart the crypto exchange Whalefin, which it acquired from crypto lender Amber Group last year, and is rebranding to S.BLOX.
What's the scoop?
- History: Whalefin, originally known as DeCurret, has switched hands multiple times, first being bought by Amber Japan, the Japanese branch of Amber Group, before being acquired by Sony's unit, Quetta Web, in August 2023.
- Launch Plans: Sony plans to restart the crypto exchange soon with a new mobile trading app, marking its proper foray into crypto after partnering and investing in Startale Labs, a crypto infrastructure company, last year and who will lead the exchange.
Bankless Take:
While Sony has been involved in Web3 through various investments and partnerships previously, even filing a patent for a Playstation NFT integration, this step represents a significant expansion of the scope of its involvement. As Asia continues to be a hotbed for crypto development and adoption, it makes sense that Sony has set its eyes on the region, particularly Japan, which has been ranked in the top 20 countries for crypto adoption and where recent polls have shown that 54% of institutional investors intend to invest in crypto over the next three years if they haven’t already.