Sony Group is advancing its web3 strategy with the acquisition and rebranding of WhaleFin, a crypto exchange platform. Previously under Amber Group, the exchange is now named S.BLOX Co., following Sony subsidiary Quetta Web's acquisition last August. This development represents another significant advancement in Sony's expanding web3 initiatives.

In January 2024, during CES, Sony unveiled digital birth certificates for images, similar to NFTs, employing in-camera digital technology to authenticate content origins. In April, Sony collaborated with Polygon to pilot a stablecoin linked to fiat currency, aiming for integration across Sony's gaming and sports intellectual properties. Let's dive into the details.

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Acquisition and Rebranding

Quetta Web, a subsidiary of Sony Group, acquired Amber Group, the parent company of WhaleFin, last August. Following the acquisition, Amber Group is being rebranded as S.BLOX Co. This rebranding effort is part of a broader strategy to revitalize WhaleFin's platform.

Although the specific terms of the acquisition were not disclosed, WhaleFin announced on Monday that the platform would undergo a significant renewal. A new app launch is also on the horizon, promising enhanced features and improved user interface design.

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Enhancements to UI and Product Offerings

WhaleFin's announcement highlighted several planned improvements to the platform, focusing on enhancing the overall service offering and UI screen design. Additionally, the platform aims to create new added value in cryptocurrency trading services by leveraging collaborations with various Sony Group businesses.

"In addition, by collaborating with various businesses of the Sony Group, we will work to create new added value in cryptocurrency trading services," stated WhaleFin in their announcement.

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Japanese Gaming Giant Big on Blockchain

This move marks another step in Sony's expanding web3 initiatives. Earlier in January at CES 2024, Sony introduced digital birth certificates for images, akin to NFTs, using in-camera digital technology to verify content origins. In April, Sony partnered with Polygon to pilot a stablecoin pegged to fiat currency, intended for integration across Sony's gaming and sports IP.

Details of Stablecoin Trail

According to a report, the stablecoin trial will involve issuing tokens pegged to fiat currency, specifically the Japanese yen, and will be conducted on the Polygon blockchain. The trial, expected to last several months, will also examine potential legal implications associated with the transfer and use of Japanese yen-backed stablecoins.

For this venture, Sony has enlisted the expertise of SettleMint, a blockchain firm headquartered in Belgium. SettleMint will assist in navigating the technical complexities and regulatory considerations of the stablecoin experiment.

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Patent Filing for Non-Fungible Tokens (NFTs)

Sony's exploration of stablecoins follows its recent initiatives in the Web3 space. Notably, the conglomerate's video game division filed a patent request to integrate Non-Fungible Tokens (NFTs) into gaming experiences, aiming to provide users with greater flexibility in managing in-game assets.

Moreover, Sony Group has been collaborating with Startale Labs, a leading developer of the Astar Network, to establish its proprietary public blockchain network. The project has now entered the execution phase following over a year of intensive development efforts.

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Building Sony's Own Blockchain

In an interview at the BUIDL Asia conference in Seoul, Sota Watanabe, the founder of Astar Network, highlighted the significance of the upcoming months in the partnership between Astar Network and Sony.

Watanabe described this endeavor as "intensive and very important," emphasizing the focus on achieving widespread adoption of blockchain technology. "Our focus is going to be mass adoption," stated Watanabe, underscoring Astar's objective of demonstrating the utility of web3 to the broader public. By leveraging Sony's extensive touchpoints, the aim is to onboard individuals beyond the realm of web3 into the blockchain space.

Sony and Startale Labs

As discussed above, Sony has already made significant strides into the world of web3 by patenting the concept of "super-fungible tokens" for NFT transfers within gaming ecosystems. However, Watanabe clarified that the forthcoming blockchain network will not be limited to gaming or NFTs, indicating a broader scope of application.

Regarding the impact of Japan's new stablecoin regulations on Astar projects, Watanabe remained tight-lipped about specifics but hinted at ongoing discussions with various banks and companies. He assured that forthcoming announcements in the coming months would provide clarity on the situation.

Final Thoughts

With the latest acquisition of WhaleFin and ongoing developments in blockchain and digital assets, Sony Group solidifies its position at the forefront of integrating web3 technologies into its diverse portfolio of products and services. More information is available on the WhaleFin website here.