Sony Group has ventured into the crypto exchange industry by acquiring Amber Japan, a Japanese crypto exchange previously known as DeCurret.

Tokyo-based Amber Japan, now rebranded as S.BLOX, announced this change following its acquisition by Sony Group. This move marks Sony’s first step into the crypto exchange sector. Amber Japan, which operates the crypto trading service “WhaleFin,” disclosed on July 1 that the company plans to “expand the range of supported currencies and features” post-acquisition. Although specific details weren’t provided, the rebranded entity, S.BLOX, aims to leverage Sony Group’s diverse businesses to create new value in the cryptocurrency trading service sector.

Startale Labs CEO Sota Watanabe revealed that Startale’s executive is set to lead the exchange at Sony, adding that both parties had planned this move 1.5 years ago and are now entering the execution phase.

Founded in 2018 as DeCurret, the firm was later acquired by the Japanese subsidiary of Singapore’s Amber Group in 2022. At that time, Amber Group stated that the acquisition would enable it to offer regulated crypto exchange and custody services compliant with Japan’s financial market regulations, as DeCurret was registered with Japan Financial Services Agency.

However, in 2023, Amber Group faced significant challenges, including cost and job reductions, as it navigated a crypto market downturn triggered by the collapse of FTX. Reports also indicated that the firm paused its international expansion plans due to the FTX contagion’s impact on the broader market.

Sony Group’s entry into the crypto exchange sector via S.BLOX reflects a strategic move to innovate within the cryptocurrency trading service sector.

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