HomeExchange NewsSony to Step Into the Exchange Business, Operate Japanese Exchange Whalefin

Sony to Step Into the Exchange Business, Operate Japanese Exchange Whalefin

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Whalefin, a Japanese crypto exchange run by Amber Group, was sold to Sony last August. Now, Sony wishes to operate the exchange and mark its full-fledged entry into the crypto ecosystem.

The road to kicking off the exchange’s functioning has begun, with Whalefin and Sony pushing out announcements to keep users ready for the new launch.

Whalefin operated under the subsidiary Amber Japan, which Sony bought, will now witness rebranding to be named S.Blox. Amber Japan, before Amber took over in 2022, was called DeCurret.

S.Blox will be operated by Quetta Web, a Sony subsidiary. Sony’s buying of Whalefin occurred in 2023. After months, the exchange issued statements, announcing the rebranding on its website and restarting its operations on PR Times. When the platform restarts, it will be app-based with a new design and interface, according to one of the statements.

Although Sony has dabbled with the crypto industry, this is its biggest endeavor in the ecosystem yet. Operating in Japan comes with challenges, which is why Amber sold the exchange, citing excessive regulations as the reason for its exit from the country. Sony must adhere to the complex demands of Japanese regulators.

Sony’s previous endeavors in Web3 include a Web3 incubator in collaboration with the Astra Network and filing a patent for NFT transactions between games and consoles. Sony Network Communications, a subsidiary, also collaborated with Japanese blockchain developer Startale Labs to build a public blockchain network.

Soto Watanabe, CEO and founder of Startale and founder of Astar Network, revealed the individual tasked with leading Sony in the exchange business is an individual from his team.

He said, “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.”

Image by 梓坚 陈 from Pixabay

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