Japanese tech giant Sony is looking to put back crypto exchange WhaleFin to sea. It acquired the platform from Amber Group in 2023. According to the translated version of the official press release, WhaleFin has now been rebranded to S.BLOX Co.
This move marks the multi-industry conglomerate’s official entry into the crypto exchange market. Of late, its valuation has been hovering around 17.17 trillion JPY [around $107 billion].
The exchange is also looking to promote collaboration within the Sony Group’s other business arms to further generate value for its crypto services. Chalking out details related to the revamp, the statement highlighted,
“In addition to improving and renewing the UI screen design, the renewal of "WhaleFin" plans to release a new app and provide a more user-friendly service. After the renewal, we also plan to further expand the supported currencies and functions.”
Independent China-based reporter Colin Wu pointed out that the aforementioned entity was initially known as DeCurret. It was first bought by the Japan-based subsidiary of Singapore’s Amber Group in 2022. Then, in Q3 last year, Sony’s fully-owned subsidiary Quetta Web took over and purchased the platform.
Amber Group’s troubles worsened on the heels of the collapse of Sam Bankman-Fried’s FTX. According to Wu, it was also suspected of a “complete debt-to-equity transaction” with blockchain-focused asset management firm Fenbushi.
Sony has been making advancements within the crypto, Web3, and blockchain arena via partnerships. It tied up with blockchain firm Startale Labs last year to create its in-house public blockchain network.
With respect to the managerial and leadership aspects, Sota Watanabe, the founder and CEO of Startale Labs, revealed,
“The head of Web3 who is going to lead [the] exchange at Sony is our external director of the company.”
