- Sony has launched a new crypto exchange subsidiary after acquiring and revamping WhaleFin
- WhaleFin has been transformed into S.BLOX Co, although no launch date has been revealed
- The platform has had three owners in two years
Sony is set to make a mark in the cryptocurrency landscape with the launch of a new subsidiary focused on crypto exchange services. The move follows the acquisition and subsequent revamp of Japanese trading platform WhaleFin, which Sony purchased last year. WhaleFin has undergone a transformation and emerged as S.BLOX Co, featuring a redesigned user interface and the introduction of a more user-friendly mobile application, according to a press release.
Three Owners in Two Years
WhaleFin was acquired by the Japanese subsidiary of Singapore’s Amber Group in 2022 under its former name, DeCurret. The collapse of FTX saw Amber Group fall into financial difficulties, and it was suspected of a complete debt-to-equity transaction with Japanese venture capital group, Fenbushi.
In August 2023, Sony’s wholly-owned subsidiary, Quetta Web Co., took over the platform, pressing ahead with a rebrand and marking a significant step in Sony’s strategic expansion into the cryptocurrency domain. No launch date for the S.BLOX crypto exchange has been released.
Sony’s Crypto Stable Grows
Sony has been steadily increasing its presence in the crypto and web3 fields, with Sony Network Communications, one of the conglomerate’s key business divisions, forming a partnership with Startale Labs, a Japanese blockchain firm, last year. This collaboration is aimed at developing Sony’s own public blockchain network, underscoring the company’s commitment to leveraging blockchain technology.
Sony’s history with cryptocurrency and web3 technologies showcases its proactive approach to exploring and integrating cutting-edge technologies. The company says that its establishment of S.BLOX Co. reflects its vision of creating a robust ecosystem around digital assets, enhancing the accessibility and usability of cryptocurrency trading for a broader audience.
