Sony Group, a prominent Japanese conglomerate, is set to launch a cryptocurrency exchange following its acquisition of Amber Japan.

According to a statement on July 1, Sony will take ownership of Amber Japan’s WhaleFin exchange, which will be rebranded as S.BLOX Co. The statement mentioned:

“In addition to redesigning the UI screen, the renewal of 'WhaleFin' will include the release of a new app to provide an easier-to-use service. After the renewal, we also plan to further expand the supported currencies and functions.”

However, the statement did not specify when the new exchange would become operational.

This acquisition comes more than two years after Singapore-based Amber Group acquired DeCurret, a regulated Japanese crypto exchange, and rebranded it as Amber Japan.

Reports indicated that the exchange encountered significant challenges in 2022 due to its exposure to the collapsed FTX exchange, resulting in substantial losses.

To address financial issues, Amber Japan raised $300 million in a Series C funding round in December 2022, with investments from Fenbushi Capital, Temasek, and Sequoia China. This funding aimed to protect customers affected by the FTX collapse.

Sony’s acquisition follows Amber Group’s April 2023 announcement that it was considering selling its Japanese subsidiary to focus on institutional rather than retail business.

This acquisition will expand Sony Group’s portfolio to include cryptocurrency alongside its gaming, music, and electronics businesses. The move is also expected to boost Sony’s market value beyond its current $100 billion valuation.

This is not Sony’s first venture into the emerging industry. In 2023, Sony filed a patent for an NFT framework to enable the use of NFTs as in-game assets across its gaming platforms.