Leading Japanese multinational conglomerate, Sony Group, has expanded its area of operations by entering the rapidly growing cryptocurrency market. The corporation acquired Amber Japan, a once troubled cryptocurrency trading platform, and has rebranded it as S.BLOX. Notably, this development indicates a significant shift in Sony’s strategy, which is historically known for its game, music, and camera ventures.
Amber Japan’s journey was not smooth. It was rechristened Amber Japan following its acquisition by the Singapore-based Amber Group early in 2022. However, complications arose when FTX collapsed, leaving Amber Group in a precarious financial situation. The solution seemed to come in the form of a debt-to-equity transaction with Fenbushi, attracting investors like Temasek, Sequoia China, Pantera, Tiger, and Coinbase.
With its considerable expertise and resources, Sony plans to breathe new life into Amber Japan, now known as S.BLOX. Substantial enhancements to the WhaleFin service are underway, including revamping the user interface and the introduction of new applications.
In August 2023, Sony Group Corporation’s wholly-owned subsidiary, Quetta Web Co., Ltd., acquired S.BLOX. Since then, it has been operating as an affiliate of the Sony Group. S.BLOX unveiled an improved version of WhaleFin on January 31, 2024, and intends to continue refining the service with further enhancements to the UI screen design and new app releases. However, when reached out for comments, neither Sony Group nor Amber Group responded before publication.