Gaming Giant Sony Jumps Into Crypto With Revamped Exchange

Tech titan Sony is making a splash in the cryptocurrency world with the relaunch of a Japanese crypto exchange subsidiary.

The company announced plans to transform WhaleFin, a platform it acquired last year, into S.BLOX Co.

S.BLOX Co. aims to provide a more user-friendly experience for crypto trading through a redesigned interface and a new mobile app.

This move signifies Sony’s growing interest in the Web3 space, which encompasses blockchain technology, cryptocurrencies and non-fungible tokens (NFTs).

Sony’s Expanding Web3 Presence

Sony’s foray into crypto isn’t entirely new. In 2023, the company partnered with blockchain firm Startale Labs to develop its own public blockchain network.

According to Sota Watanabe, Startale Labs founder, an executive from his company will lead the new crypto exchange, although details remain undisclosed.

Sony’s Web3 ambitions extend beyond crypto trading. A patent filed last year suggests the company is exploring the concept of “super-fungible tokens,” a more flexible type of NFT potentially applicable to in-game assets.

Additionally, Sony established a Singapore office specifically for NFT product development, hinting at a possible interest in the burgeoning NFT gaming market.

Also Read: Why Bitcoin Could Plunge To $55K: 10x Research

Japanese Tech Embraces Web3

Sony isn’t the only Japanese tech giant embracing Web3. Smart contracts platform Astra partnered with mobile carrier NTT Docomo to promote the adoption of Web3 technologies in Japan.

Similarly, automaker Toyota collaborated with Astra to explore potential applications of Web3 within its operations.

Sony’s entry into the crypto exchange market signifies a growing trend of established corporations exploring Web3 technologies.

The exact launch date of the S.BLOX Co. platform remains to be seen. However, with the Benzinga Future of Digital Assets event happening on Nov. 19.

Read Next:

• Robinhood Expands AI Capabilities With Acquisition of Pluto Capital