Sony Group Enter In Crypto Market With The Acquisition of Amber Japan

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The acquisition of Amber Japan, a division of global crypto finance company Amber Group, marks a bold move by Sony Group into the cryptocurrency exchange sector, with a significant presence in gaming, entertainment, and electronics. The move, which was first revealed by Wu Blockchain, represents Sony’s calculated entry into the fast-changing Web3 and digital asset markets.

Sony Goes Crypto by Merging Amber Japan

After being acquired by Amber Group in 2022 and going by the moniker DeCurret, Amber Japan is now known as S.BLOX. This is because it was recently acquired by Sony. According to a PR Times press release, to improve user accessibility and functionality, a new mobile application is being developed, and a completely redesigned user interface is a major addition to the platform that will be unveiled soon.

August 2023! saw the completion of this acquisition when Quetta Web Company, a wholly owned subsidiary of Sony, took control of the platform. The acquisition is a calculated move for Amber Group, which has had a tumultuous time following the demise of cryptocurrency exchange FTX.

Despite these obstacles, Sony’s decision to rename the S.BLOX service demonstrates its commitment to not only join the market, but to lead innovation in it.

Sony’s Future Planning

Sony plans to use its extensive network of companies to improve the cryptocurrency trading services offered by S.BLOX as part of its integration strategy. The integration is intended to foster collaboration between the recently acquired commercial platform and Sony’s existing technology and entertainment ecosystem. But the exact debut date of the newly designed S.BLOX cryptocurrency exchange is still unknown, indicating a thoughtful rollout that will guarantee consistency with Sony’s exacting standards and strategic goals.

Additionally, Sony is using blockchain technology for purposes other than cryptocurrency trading. For several years, the company has been investigating the use of blockchain technology and non-fungible tokens (NFTs) in its gaming segment. A patent application for “NFT framework for transferring and consuming digital assets between games platforms” was filed by Sony in 2022. This framework defines a system that facilitates the use of NFTs on various gaming platforms. This includes creative ideas such as NFT-locked gameplay and incentives for players holding exclusive digital assets.

Prominent figures in the blockchain sector, including Sota Watanabe, CEO and creator of Startale Labs, will lead the new cryptocurrency venture. In a post on X, Watanabe said an outside director from Startale will oversee Sony’s new exchange, a strategic alliance with experienced blockchain industry professionals to oversee Sony’s efforts.

Final Words

The acquisition is part of Sony’s larger plan to diversify its revenues and stay competitive in the digital age. Sony’s foray into the cryptocurrency exchange sector, which now has a market valuation of more than $100 billion, has the potential to diversify its revenue streams and strengthen its position as a pioneer in digital innovation.

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