Sony to Resume Operations of Acquired Japanese Cryptocurrency Firm ‘WhaleFin’

Japanese tech giant Sony is preparing to operate a cryptocurrency exchange business through WhaleFin, which it acquired in 2023. With this, Sony will be testing rougher waters in the Web3 domain, which is not only fraught with financial risks but also regulatory constraints. control around the world. Sony plans to reboot the exchange by launching a new app, dedicated to cryptocurrency exchange and trading services. It is unclear whether WhaleFin will continue to be the name of this exchange or whether Sony will change it to mark its new beginning.

On the history and future of Sony with WhaleFin

In December 2021, Amber Group announced the launch of WhaleFin as its flagship digital asset platform. In August 2023, Sony’s Quetta Web unit purchased Amber Japan, which was Whalefin’s parent company at the time. On Monday, July 1, Amber Japan made a official announcement on the rebranding to S.Blox. Along with the announcement, S.Blox also revealed that crypto exchange WhaleFin is preparing to resume operations.

“WhaleFin is expected to undergo a revamp in the future. In addition to redesigning the user interface screen, WhaleFin’s revamp will include the release of a new app to provide a more user-friendly service. After the revamp, we also plan to further expand the supported currencies and features,” the announcement reads.

With this, the Sony group is trying to improve its product and service offerings by integrating cryptocentric features. For now, neither Sony nor S.Blox have revealed the exact timeline for when cryptocurrency exchange WhaleFin will resume its operations.

Sony’s Engagement with Web3 So Far

Sony, a popular name in the technology industry, is now looking to delve into the Web3 arena. In 2022, Sony Music Entertainment She said was exploring avenues to unite artists and music with the NFT industry. At the time, Sony had filed a trademark application for the Columbia Records logo, intending to use it in NFT-supported media. The same year, Sony filed for a patent to track digital collectibles within its gaming ecosystem, via NFTs.

In 2023, Sony Network Communications made a team with the smart contract platform, Astar Network aims to explore how blockchain could solve persistent problems in the gaming, entertainment, music and imaging industries.

Recently, Sony said it is planning to let players assemble all of their digital collectibles and create what it calls a Super fungible token – trying to carve out a new niche in the NFT sector.

In 2023, Fumio Kishida, the Prime Minister of Japan, called Web3 “the next form of capitalism” and expressed his enthusiasm for Japan’s foray into the digital asset industry. Since then, crypto companies have been enjoying Binance AND Mercari have taken measures in favor of cryptocurrencies to prosper in the country.

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