By
Godfrey Benjamin
July 2nd, 2024
The S.BLOX crypto exchange will rebrand its services in the near future and collaborate with other subsidiaries of Sony Group to enhance sustainable growth.
Sony Group Corp, a top-tier Japanese multinational conglomerate, has officially ventured into the crypto exchange field. According to the announcement, Amber Japan Co Ltd, a cryptocurrency exchange company formerly called DeCurret Inc, officially changed its name to S.BLOX Co Ltd on July 1, 2024. As a result, the WhaleFin crypto trading service will undergo a series of changes to fit in with the other subsidiaries of Sony Group.
Notably, Sony Group acquired Amber Japan in August 2023 through its wholly-owned subsidiary Quetta Web Co. for an undisclosed amount. The Sony Group subsidiaries will significantly benefit from the S.BLOX crypto exchange amid the ongoing mainstream adoption of digital assets.
“In addition to redesigning the UI screen, the renewal of WhaleFin will include the release of a new app to provide an easier-to-use service. We also plan to further expand the supported currencies and functions… As a member of the Sony Group, we will work to create new added value in cryptocurrency trading services by collaborating with the group’s diverse businesses,” the announcement noted.
Sony and Web3 Venture
Sony Group has significantly increased its web3 and digital assets exposure in the last few years amid the changing regulatory landscape and heightened demand globally. Earlier on Monday, Sota Watanabe, founder and Chief Executive Officer of Startale Labs, revealed that the company’s external director will lead Sony Group’s S.BLOX crypto exchange.
Here is the Japanese article. If you may know, the head of web3 who is going to lead exchange at Sony is our external director of the company. We have made a plan of the chain layer 1.5 years ago and we entered the execution phase.https://t.co/vKKaZkQ8oV
— Sota | Astar + Startale (@WatanabeSota) July 1, 2024
As Coinspeaker previously reported, Sony Network Communications, one of the subsidiaries of Sony Group, announced a strategic partnership with Astar Network last year to unveil a Web3 incubation program for NFT and DAO projects.
Earlier this year, Sony Bank, another subsidiary of Sony Group, planned to initiate a stablecoins experimentation on the Polygon (MATIC) network.
The Sony Group company intends to edge its competition ahead through the adoption of web3 protocols and digital assets. Moreover, digital assets and web3 projects have shown great potential to revolutionize the global social, and financial systems.
Changing Regulatory Scope
The Japanese government has in the past few years enacted clear crypto regulatory laws to enable a sustainable adoption of digital assets and web3 protocols. The Japanese government has tapped the Web3 space and digital assets to bolster its non-performing economic status amid heightened global competition.
For instance, the Japanese government has already passed clear stablecoins regulations to attract more institutional investors into the space. The Japanese Web3 community intends to hold this year’s WebX event at the Prince Park Tower Tokyo in August, with Prime Minister Fumio Kishida scheduled as one of the speakers.