The Japanese tech conglomerate Sony Group rebranded Amber Japan to S.BLOX, a soon-to-be crypto exchange.
Sony’s acquisition of Amber Japan in 2023 and the recent rebranding are part of the company’s efforts toward a larger expansion into crypto.
In 2023, Sony began constructing its own blockchain and filed a patent for using NFTs between gaming platforms and for in-game transactions.
Sony Group just announced the rebranding of Amber Japan, a Japanese crypto trading firm it acquired from Amber Group in 2023.
The newly-named S.BLOX will be a crypto exchange that will generate additional revenue through crypto trading services.
This marks Sony’s official direct involvement in the crypto space, which could lead to a series of Web3 innovations in the gaming industry.
The company has dabbled in the Web3 sector before: it has built a public blockchain network and filed a patent for using NFTs as in-game assets).
Sony’s foray into crypto could give the industry more credibility and allow players to trade crypto seamlessly across different platforms.
Sony and Amber Japan Situation – What Happened?
Before the Sony acquisition in 2023, Amber Japan (previously known as DeCurret) was acquired by the Amber Group in 2022.
Following FTX’s collapse, Amber Group considered selling Amber Japan to scale down non-essential business lines.
Japan’s notoriously strict crypto regulations also made Amber Japan’s future uncertain, which may have played a role in the sale.
The company did announce its intention to apply for a crypto license, but Sony bought Amber Japan one year later, completing the story.
Today, Sony rebranded Amber Japan to S.BLOX and aims to deliver the following improvements:
UI design improvement
New app for easy-to-use crypto services
Expanded currency compatibility
More functions
S.BLOX has a capital of 1.7B yen ($106M) and is 100% owned by Quetta Web, a Sony Group subsidiary. The company’s representative will be Sota Watanabe, CEO of Startale Labs, a Sony partner.
Why Is Sony Group Investing in Crypto?
Sony’s crypto ambitions extend a few years back.
The tech conglomerate ventured into NFTs in 2023 when it filed a patent for using the digital assets between game platforms.
The patent also covered in-game NFT rewards, NFT-locked gameplay and actions, and limited-use tasks.
Sony also partnered with Startale Labs to build a proprietary blockchain network for future crypto-gaming projects.
Our focus is going to be mass adoption. Theoretically, we can build [a] public blockchain which is used by the most [number of] people, onboarding beyond web3 people into the blockchain space because Sony has tremendous touchpoints.Sota Watanabe, CEO of Startale Labs
Sony’s rebranding of Amber Japan to S.BLOX is a definitive step into the crypto industry for the Japanese tech firm. A Sony-owned crypto exchange would popularize the crypto industry to players, potentially increasing investor interest in all coins, especially GameFi projects like PlayDoge.
Our Verdict – What Does This Mean for Crypto?
Sony Group’s renewed interest in crypto could mean several things:
More investor interest in crypto projects by exposing players to crypto
Increased credibility for the crypto industry due to Sony’s market-leading reputation
A potential revival of NFTs if Sony’s implementation is successful
A possible prioritization of in-game purchases in upcoming Sony games
Depending on how fans take the news, Sony’s move could make crypto more accessible to a wider audience.
Many gamers aren’t particularly fond of in-game transactions, as they typically imply a deprioritization of arguably more important aspects like gameplay and story.
This means a potential Sony shift to crypto might not be well-received. But that remains to be seen.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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