July 15, 2024

Sony Revives Crypto Exchange Whalefin, Expanding Presence in Web3 Space

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Sony Corporation has announced plans to revive the crypto exchange Whalefin, signaling a strategic move into the digital asset market. The exchange, previously owned by crypto lender Amber Group, was acquired by Sony’s unit Quetta Web in August 2023, marking a significant step in the tech giant’s expansion into cryptocurrency operations.

Initially reported by Wu Blockchain and later detailed by The Block, the acquisition underscores Sony’s growing interest in Web3 technologies and digital currencies. Whalefin, now under Sony’s ownership, is set to relaunch with a new app, as indicated in a statement released on PR Times.

The transaction saw Amber Japan, formerly known as DeCurret, rebranded to S.BLOX under its new ownership by Quetta Web. Financial terms of the deal remain undisclosed, highlighting Sony’s strategic yet guarded approach to entering the crypto exchange market.

“While Sony has previously engaged with Web3 technologies through investments and partnerships, the acquisition of Whalefin marks its formal entry into the crypto exchange space,” noted industry analysts. Sony has previously collaborated with Astar Network on Web3 initiatives and recently filed a patent for NFT interoperability between gaming platforms, underscoring its commitment to blockchain innovation.

Amber Group, the Hong Kong-based crypto finance firm, had acquired DeCurret in 2022 but opted to divest its Japan unit amidst regulatory challenges in the region, according to Bloomberg reports last year. Sony’s acquisition of Whalefin represents a strategic alignment with its broader digital strategy, leveraging its technological prowess and market influence in gaming and entertainment.

Sony and Amber Group were not immediately available for comment on the acquisition and future plans for Whalefin. As Sony prepares to reenter the crypto exchange arena, industry observers anticipate further developments that could shape its role in the evolving landscape of digital assets and blockchain technology.

For more updates on Sony’s venture into cryptocurrencies and the latest developments in Web3 innovations, stay tuned to our coverage.

Digital Assets Desk

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