Sony Bolsters Web3 Presence via Acquisition of WhaleFin Crypto Trading Platform
In a significant move, Sony Group Corporation has announced the acquisition of WhaleFin, a cryptocurrency trading platform, in August 2021. The terms of the deal were not disclosed, but the acquisition will lead to the renewal of WhaleFin's platform.
The rebranded company, now known as S.BLOX Co., is set to launch a new app after the renewal. WhaleFin stated that they will collaborate with various businesses of the Sony Group to create new value in cryptocurrency trading services. However, the specific companies within the Sony Group collaborating with S.BLOX Co. were not explicitly named in the provided sources.
Sony Group's interest in cryptocurrency trading services is not new. In April, Sony announced it was testing a proof-of-concept to issue a stablecoin pegged to fiat currency. The company plans to adopt the stablecoin as a payment method across Sony Group's gaming and sports IP, marking a significant step towards integrating blockchain technology into its operations.
This acquisition is part of Sony Group's expanding Web3 strategy. The tech giant has been actively investing in blockchain technology and Web3 projects. In January 2024, Sony introduced digital birth certificates for images, similar to Non-Fungible Tokens (NFTs). Last June, Sony Network Communications invested $3.5 million in Startale Labs to build its own blockchain.
Sony Group has launched various products as part of its Web3 strategy this year. The acquisition of S.BLOX Co. is a strategic move to strengthen its position in the Web3 space and tap into the growing cryptocurrency market. With the renewal of S.BLOX Co.'s platform and the launch of a new app, the company is poised to make a significant impact in the world of cryptocurrency trading.
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