Sony is now officially getting into crypto.

Der Spiderman ist eine der bekanntesten Marken von Sony. Bild von marvelousRoland via flickr.com. Lizenz: Creative Commons

Sony, perhaps Japan’s most well-known tech giant, is acquiring the exchange Amber Japan, which will relaunch under the group’s leadership as S.BLOX. This marks Sony’s official entry into the crypto business.

In August 2023, Quetta Web, a subsidiary of Sony, had already acquired Amber Japan. Previously, Amber had taken over Decurret, a crypto exchange from Tokyo. Now, Sony and Amber announce plans to redesign Amber’s WhaleFin app under the S.BLOX brand – marking the official collaboration with Sony.

Jun Watanabe, the Director of S.BLOX, explains that through the partnership with Sony, they aim to explore new business areas. S.BLOX is expected to be integrated into various sectors of Sony to create synergies.

Details of the acquisition are scarce. Neither a date nor concrete plans for S.BLOX have been disclosed. However, it is clear that Sony is making a decisive move to incorporate cryptocurrencies into its business model.

Initially, Sony’s only interaction with Bitcoin and cryptocurrencies came from being hacked by North Korean ransomware groups. For several years now, however, the company has been attempting to gain a foothold in the crypto market. One example is a patent filed in 2022 for the use of NFTs in gaming. Additionally, since last year, Sony has been working with Startale Labs, a Japanese Web3 developer, on its own public blockchain platform. According to Startale CEO Watanabe Sota, a director from Startale is expected to lead Sony’s blockchain division.

The exchange acquired by Sony, Amber, is licensed by the Japanese financial regulator. However, it faced tough times over the past year, including layoffs following the FTX collapse. According to reports, Amber had put its international expansion plans on hold. Perhaps under Sony’s leadership, these plans may be revived.