Japanese electronics giant Sony Group has announced its acquisition of Singaporean market maker Amber Group’s Japanese cryptocurrency exchange, Amber Japan, for billions of yen. The exchange will be renamed S.BLOX and will further advance its collaboration with Sony Group in the future.
Background:
Sony game studio Insomniac Games was recently targeted in a ransomware attack, resulting in the leakage of confidential information regarding the PS5 games Marvel’s Wolverine and Spider-Man.
Sony’s patent for an “NFT secondary market” has also been leaked, which may enable PlayStation players to transfer digital assets.
Amber Group, a well-known cryptocurrency market maker, acquired the regulated Japanese cryptocurrency trading platform DeCurret and renamed it Amber Japan at the beginning of 2022. However, according to blockchain news, Sony Group has now acquired Amber Japan with a significant investment.
Amber Group is known for its cryptocurrency market-making services, with investors including Temasek, Sequoia China, Pantera, Tiger Global Management, Coinbase, and more. It has previously launched an all-in-one digital asset management platform called WhaleFin. However, according to the news, Amber Group faced financial difficulties following the FTX collapse in 2022 and allegedly engaged in a decentralized debt-to-equity swap.
A debt-to-equity swap refers to the general agreement of creditors to cancel a portion or all of the debt in exchange for equity in the company, aiming to help the company reduce its debt burden and overcome financial difficulties.
After the acquisition, Yijin Li resigned as the representative of Amber Japan, and Jun Watanabe, from Sony Network Communications Inc., assumed the role of the representative of the newly acquired company.
Amber Japan, the operator of WhaleFin, announced today that it will be renamed S.BLOX Co., Ltd. It will further advance its collaboration with Sony Group and update WhaleFin. The updates to WhaleFin will include:
1. Redesigning the UI interface
2. Launching a new application
3. Planning to expand support for different types of cryptocurrencies and functionalities.
According to the statement, S.BLOX Co., Ltd. was fully acquired by Sony Group’s subsidiary, Quetta Web Co., Ltd., in August 2023. It will continue to operate as a cryptocurrency asset trading service and, as a member of the Sony Group, collaborate with various businesses within the group to create new added value in the cryptocurrency asset trading service.
Sony’s Entry into the Blockchain Field:
Prior to the acquisition of S.BLOX Co., Ltd., Sony has been exploring the use of NFTs and blockchain in games for the past few years. However, having its own exchange is a significant milestone.
In March of last year, Sony submitted a patent application titled “NFT framework for transferring and using digital assets between game platforms.” The patent outlines a system for using NFTs across platforms, including playing NFT-exclusive games, limited use of NFTs in-game missions, and rewarding players with NFTs.
How Sony will apply blockchain technology in future games and platforms remains to be seen. However, it is evident that Sony is actively exploring innovative methods to enhance user gaming experiences.
[Image]
Related News:
BNB Surpasses $700, Reaches a New High Market Cap of Over $100 Billion, Approaching Electronic Giant Sony
Sony Introduces Motion Detection Patch Mocopi, Aiming to Control the Metaverse Avatar After Wearing
Sony’s Patent Application for “Traceable Cross-Platform Virtual Treasures” NFT Rejected Due to Failure to Integrate “From Abstract to Reality.”