Key Takeaways:
Japanese multinational conglomerate Sony is preparing to launch a cryptocurrency exchange. According to reports by Wu Blockchain and The Block, the multi-industry giant is expected to restart the local crypto trading platform WhaleFin, which it acquired last year.
Sony To Relaunch Japanese Crypto Exchange WhaleFin As A Whole New Platform
On Monday, Amber Japan – the parent company of WhaleFi – announced that it will be renamed to S.BLOX Co., which will collaborate with Sony Group’s other businesses to generate additional value through crypto trading services.
Amber was acquired by Quetta Web, a tech subsidiary of Sony, in August 2023. Both parties did not disclose the financial terms of the deal.
The revamp includes relaunching the WhaleFin crypto exchange under a different name and an app with a redesigned user interface. S.BLOX has not said when the platform will be launched.
WhaleFin was called DeCurrent until the Japanese subsidiary of Singapore-based crypto firm Amber Group acquired it in 2022.
Sony’s Web3 Explorations
Sony has long been exploring Web3 through various investments and partnerships. Last year, the PlayStation maker inked a deal with Japanese blockchain infrastructure provider Startale Labs to build its own public blockchain network.
Similarly, Sony Network Communications – a business division of the Sony Group – collaborated with Astar Network for a Web3 Incubation Program and filed a patent for more flexible use of non-fungible tokens (NFT) as in-game assets, which it dubbed as “super-fungible tokens”.
Incubation Program For Web3 Projects Focused On Utility Of NFTs and DAOs
The Web3 incubation program, organized by Startale Labs, is for projects that focus on the utility of NFTs and decentralized autonomous organizations (DAO) and ran from March to June. Startups accepted into the program were offered learning sessions by venture capital firms such as Dragonfly, Fenbushi Capital, and Alchemy Venture.
Top projects in the incubation program may also be considered for investment from the Japanese multi-industry conglomerate.
Interoperable And Cross-generation Transferable In-Game NFT Assets
Meanwhile, Sony’s patent for transferable NFTs would allow gamers, especially PlayStation users, to transfer in-game assets between Sony’s various devices such as VR headsets, tablets, computers, and smartphones.
The patent also specified that in some cases, the NFTs could be used “cross-generationally”, meaning the same digital assets will be supported on the PS5 and PS4.
The framework under development will also be interoperable between products outside its ecosystem, such as Microsoft’s Xbox and other cloud-based gaming platforms. This will make the assets fully transferable and usable between different gaming ecosystems.
Late in 2022, Sony unveiled a wearable motion-tracking device for the Japanese market called Mocopi that would allow users to move as an avatar in real-time on the metaverse. The system comprises six sensors, placed on each ankle, wrist, head, and hip, which are used to capture human movements and link them to a digital avatar.
Startale Labs founder and CEO Sota Watanabe made a post on X suggesting that one of its external directors will be the one leading Sony and S.BLOX’s new cryptocurrency exchange. He did not provide any further updates on the subject.
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