Overview of Sony Group’s Entry into the Crypto Exchange Industry
Sony Group has made its foray into the crypto exchange sector by acquiring Amber Japan, previously known as DeCurret. This move signifies Sony’s entrance into the cryptocurrency trading service industry.
Rebranding of Amber Japan to S.BLOX Post-Acquisition
Following Sony Group’s acquisition, Amber Japan has rebranded to S.BLOX. The company, known for its “WhaleFin” crypto trading service, aims to expand its range of supported currencies and features with Sony’s backing.
Plans for Leveraging Sony Group’s Diverse Businesses
The rebranded entity, S.BLOX, under Sony Group’s ownership, plans to utilize the conglomerate’s diverse businesses to create new value in the cryptocurrency trading service sector. Startale Labs CEO Sota Watanabe also highlighted the strategic partnership between both parties in advancing exchange services at Sony.
History of Amber Japan and Challenges Faced
Founded in 2018 as DeCurret and later acquired by Amber Group, the company faced challenges in 2023 amidst a crypto market downturn triggered by the collapse of FTX. Despite initial regulatory compliance, Amber Group had to navigate cost and job reductions, leading to a pause in its international expansion plans.
