Sony Group has rebranded Amber Japan, a Japanese crypto trading firm it acquired in 2023 from Amber Group, as S.BLOX. This move shows Sony is stepping into the crypto market to earn more from crypto trading. Sony has been exploring Web3 technologies like public blockchains and NFTs in games.
The acquisition of Amber Japan by Sony follows a period of uncertainty influenced by Japan’s strict crypto regulations and the fallout from FTX’s collapse. Originally acquired by Amber Group in 2022, Amber Japan faced challenges that prompted its sale, culminating in Sony’s acquisition a year later.
S.BLOX, now fully owned by Quetta Web, a Sony subsidiary, will operate with a capital of 1.7 billion yen ($106 million), overseen by Sota Watanabe, CEO of Startale Labs, a Sony partner.
Sony’s strategic move into crypto is driven by its broader ambitions in the gaming industry and beyond. By integrating crypto trading capabilities into its ecosystem, Sony aims to enhance user experience, potentially enabling seamless crypto transactions across different platforms.
This initiative could also boost the credibility of the crypto industry and facilitate wider adoption among consumers, particularly gamers.
The rebranding of Amber Japan to S.BLOX marks a definitive step for Sony into the crypto market, promising improvements in user interface, expanded currency compatibility, and new functionalities.
This development aligns with Sony’s vision to lead innovations in the gaming sector by exploring the integration of blockchain technology and NFTs. If successful, Sony’s entry into crypto could not only increase investor interest in various digital coins but also potentially revive interest in NFTs and influence future in-game purchase models.
However, the reception of Sony’s crypto endeavors remains uncertain, particularly among gamers who may be cautious about potential impacts on gameplay and user experience. Sony’s strategy to integrate crypto into its ecosystem could either significantly expand accessibility to crypto or face challenges depending on consumer sentiment and regulatory developments.
