Sony, a Japanese multinational company, revealed yesterday that it is the owner of the WhaleFin cryptocurrency exchange, having purchased it through a wholly-owned subsidiary called Quetta Web Co. in August of 2023. The revelation came through a press release which stated that the company will rebrand WhaleFin to S.BLOX and improve the exchange’s services, including:
- Redesigning the user interface
- Debuting a new mobile app that will be easier to use
- Collaborating with various businesses in the Sony Group
- Creating “added value” in cryptocurrency trading services
The release did not give a timetable as to when S.BLOX would implement the changes.
According to a report from PR Times, S.BLOX has $10.6 million capital on hand and has registered with the Kanto Regional Finance Bureau. The exchange has changed hands at least three times. It initially launched as ‘DeCurret’ before the Amber Group, a Singaporean company, purchased the exchange in 2022 and changed its name to WhaleFin. A report at the time of that purchase stated that, in three years, the exchange had not turned a profit.
Japan is a challenging environment for crypto companies, with stringent regulations that have choked off profits for Web3 businesses. Fortunately, the island-nation appears to be loosening its grip on the industry. In the past six months, it has cleared the way for more domestic investment in crypto companies and pondered the removal of a corporate tax on unrealized crypto gains.
Sony Makes Moves in Web3
Sony has long expressed interest in Web3 and its purchase of a cryptocurrency exchange, with plans to rebrand and relaunch, is further proof of that. At Rarity Sniper, we have covered countless stories of the Japanese multinational company making moves in the crypto industry. Here are three.
First, six months ago, Sony developed NFT-like technology to authenticate photographs. The new tool allows photographers to issue a “digital birth certificate” for their photos to protect against fraud. At the time of the tool’s launch, observers were quick to point out how similar it was to the date of deployment for a token on the blockchain.
Next, about a year ago, Sony revealed that it was partnering with blockchain developer Astar to start a Web3 incubator program. As part of the program’s launch, Sony invited 200 companies to apply. 19 were selected to move forward at the time our article was written, with Sony planning a demo day to showcase the 19 and engage investors.
Lastly, also about a year ago, Sony patented an NFT framework for transferring digital assets between gaming platforms. In the patent paper, the company said that game functionality can be enhanced if gamers exclusively own their items and can transfer them to other people through NFT technology.
As these stories show, Sony has innovated within the Web3 space. Its purchase of a cryptocurrency exchange is further proof of the company’s enthusiasm for the next iteration of the internet, and that is a bullish sign.