Sony to Launch a Regulated Crypto Exchange in Japan

• Sony is going to rebuild the S.BLOX cryptocurrency exchange and into Web3
• Sony Group has acquired Amber Japan, a regulated digital asset trading service provider
• Sony Network Communications is to build Sony's own public blockchain network

Sony is gearing up for its crypto debut. Whether this is related to the strain on the Japanese financial system and Norinchukin Bank remains to be guessed. However, Sony has acquired a subsidiary, Amber Japan, and is about to launch its cryptocurrency exchange subsidiary and create its own public blockchain network in collaboration with Startale Labs.

A Bit of History

Amber Japan, formerly known as DeCurret, is the Japanese subsidiary of the global Amber Group, which operates the trading service WhaleFin.

After the FTX story, they faced reputational losses and decided to sell their subsidiary Amber Japan. Sony didn't let the moment pass and acquired to enter later crypto, which they recently announced. This is also a very organic move for Sony, as they are one of the biggest players in the gaming industry and plan to use NFT in their Playstation exclusives.

What Can We Look Forward to?

Sony plans to replace Amber Japan by working with WhaleFin, now renamed S.BLOX Co. And it's a global revamp of a complete UI redesign and the creation of a new mobile app.

In addition, Sony Network Communications, one of Sony's divisions, plans to create its own public blockchain network in collaboration with Startale Labs. Sota Watanabe, founder and CEO of Startale Labs, said that Startale's external director will lead Sony's new cryptocurrency exchange.

Playstation users will also experience Sony's initiatives and its upcoming crypto ecosystem. Sony has previously filed a patent for its version of so-called "super-interchangeable tokens" to be used as game assets in its gaming exclusives. However, considering Sony's larger strategy regarding all things crypto, we should consider possibly a new, very big player in the crypto space.