In August 2023, Sony acquired the Japanese crypto exchange Whalefin from the Amber Group. The deal marks a significant move for Sony into the cryptocurrency market.

Let's dig deeper to understand what this acquisition means for Sony, Whalefin, and the broader cryptocurrency industry.

Sony's Acquisition of Whalefin

Sony, a globally renowned technology company, purchased Whalefin from the Amber Group, a Hong Kong-based crypto finance firm. The financial terms of the deal have not been disclosed, but the acquisition was confirmed through multiple reports and official announcements.

This purchase is part of Sony’s broader strategy to invest in and develop within the Web3 space, which includes blockchain technology and decentralized finance (DeFi).

Rebranding to S.BLOX

Following the acquisition, Whalefin, which was previously operated by Amber Japan, is undergoing a rebranding process. Amber Japan was formerly known as DeCurret before it was acquired by Amber Group in 2022.

Under Sony’s ownership, Whalefin will now be known as S.BLOX. The rebranding signifies a new beginning and a fresh identity under the stewardship of Quetta Web, a subsidiary of Sony.

New App Launch

Sony has announced plans to relaunch the Whalefin crypto exchange with a brand-new app. This app aims to offer a seamless and user-friendly experience for cryptocurrency trading and management.

By introducing a new app, Sony is not only revitalizing the Whalefin platform but also aiming to attract a broader audience, including those who are new to cryptocurrency trading. This initiative reflects Sony's commitment to leveraging its technological expertise to enhance the crypto trading experience.

Amber Group's Exit from Japan

The decision to sell Whalefin to Sony was influenced by the regulatory environment in Japan. The Amber Group, which acquired DeCurret (later rebranded to Amber Japan) in 2022, faced stringent regulations in Japan that made it challenging to operate efficiently.

Consequently, the Amber Group decided to exit the Japanese market and sell its local unit to Sony. This sale allows Amber Group to focus on other markets while providing Sony with an opportunity to establish a stronger presence in Japan’s cryptocurrency industry.

Deal Confirmation

The acquisition of Whalefin by Sony was first reported by Wu Blockchain, a reputable source in the cryptocurrency news space. The details were later confirmed by the Block, another well-known publication in the industry.

Whalefin also put out an official notice confirming the rebranding to S.BLOX and the acquisition by Quetta Web. Furthermore, the acquisition was announced through a press release on PR Times, providing additional confirmation of the deal.

Conclusion

Sony’s acquisition and relaunch of Whalefin as S.BLOX signify the tech giant’s serious entry into the cryptocurrency market. This move is aligned with Sony’s ongoing efforts to innovate and expand within the Web3 space. With the launch of a new app and a focus on enhancing the user experience, Sony is well-positioned to make a significant impact in the cryptocurrency industry.