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 have found itself testing rougher waters in the Web3 domain, which is not only burdened with financial risks, but also regulatory scrutiny around the world. Sony plans to reboot the exchange by launching a new app, dedicated to cryptocurrency exchange and trading services. It is not yet clear whether WhaleFin will continue to be the name of this exchange or whether Sony will change it to mark its new beginning.

About Sony’s History and Future 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 acquired 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 scheduled to undergo a revamp in the future. In addition to redesigning the UI 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 functions,” the announcement said.

With this, Sony Group is looking to enhance its product and service offerings by integrating crypto-centric features. For now, neither Sony nor S.Blox have revealed the exact timeframe for when crypto exchange WhaleFin will restart 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 ways to connect artists and music with the NFT industry. At the time, Sony had filed a trademark application for the Columbia Records logo, with plans to use it in NFT-supported media. That same year, Sony filed a patent application 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 that it is planning to let players assemble all of their digital collectibles and create what is called 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, cryptocurrency companies such as Binance AND Mercari have taken measures in favor of cryptocurrencies to thrive in the country.

Affiliate links may be automatically generated: see our Ethical statement for details.

Fuente