Quick take:
- The announcement follows Sony subsidiary Quetta Web’s acquisition of Amber Group the parent organisation of WhaleFin last August.
- Terms of the deal were not disclosed.
- WhaleFin said in a notice on Monday that the acquisition will also see it collaborate with various businesses of the Sony Group.
Sony Group is accelerating its Web3 strategy after revealing plans to relaunch crypto exchange platform WhaleFin. Quetta Web, a subsidiary of Sony Group acquired WaleFin parent Amber Group last August, which is now being rebranded to S.BLOX Co., The Block reported.
Terms of the deal were not disclosed but WhaleFin put out a notice on Monday stating that the acquisition would see its platform renewed, while there are also plans to launch a new app after that.
According to the announcement, some of the features scheduled for improvement on the platform include the overall service offering and the UI screen design.
“In addition, by collaborating with various businesses of the Sony Group, we will work to create new added value in cryptocurrency trading services,” WhaleFin said.
This acquisition adds to Sony’s expanding Web3 strategy, which has seen it launch various products this year.
In January, at CES 2024, Sony introduced digital birth certificates for images, which were immediately likened to NFTs. The in-camera digital technology enables the verification of the origin of the content captured with Sony devices.
In April, the company also announced it was using Polygon to test a proof-of-concept to issue a stablecoin pegged to fiat currency. Sony plans to plans to adopt the stablecoin as a payment method across Sony Group’s gaming and sports IP.
Last June, Sony Network Communications invested $3.5 million in Startale Labs as part of a deal that will see the Japanese technology giant build its own blockchain.
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