According to a July 1 announcement, Sony will become the new owner of the Japanese exchange Amber, which will be renamed S.BLOX Co.

“In addition to redesigning the user interface screen, the WhaleFin update will include the release of a new application to provide an easier-to-use service. After the update, we also plan to further expand supported currencies and features.”

However, the release did not provide information about when this new exchange will become operational.

The acquisition comes more than two years after Singapore's Amber Group acquired DeCurret, a regulated Japanese cryptocurrency exchange, and renamed it Amber Japan.

Reports showed that the exchange faced significant challenges in 2022 due to its exposure to the collapsed FTX exchange, resulting in significant losses.

To mitigate financial challenges, Amber Japan raised $300 million in a Series C funding round in December 2022 with investments from Fenbushi Capital, Temasek and Sequoia China. This funding is aimed at protecting customers affected by the collapse of FTX.

The Sony acquisition follows Amber Group's announcement in April 2023 that it was considering selling its Japanese subsidiary to focus on its institutional rather than retail business.

The acquisition will expand Sony Group's portfolio to include cryptocurrency alongside its gaming, music and electronics businesses. The move is also expected to boost Sony's market value beyond its current valuation of $100 billion.

It is noted that this is not Sony’s first attempt to join the developing industry. In 2023, Sony filed a patent for an NFT framework allowing NFTs to be used as in-game assets on its gaming platforms.