Sony prepares a cryptoasset trading platform

The Japanese Sony Group is moving ahead with its cryptoasset and Web3-related projects. Sony will take advantage of its acquisition of WhaleFin to launch a new crypto exchange platform, due to arrive shortly. Sony is betting heavily on Web3, and several of the Group's divisions are working on major projects in this field. The aim is to have its own blockchain and crypto-assets to offer members of its ecosystem a digital currency, supporting its payment and loyalty transactions.

FACTS

• Following the acquisition of Amber Japan in August 2023 for an undisclosed sum, the Sony Group recently picked up crypto exchange platform WhaleFin (formerly DeCurret).
• The Japanese giant is set to relaunch the platform under the name S.BLOX, including a new website and app.
• WhaleFin will bring its cryptoasset expertise to the Sony Group. In particular, the latter will use the platform for its Sony Interactive Entertainment branch, which aims to develop web3 in the video game world.

CHALLENGES

• Capitalizing on WhaleFin's experience: This announcement opens up several possibilities for the Sony group. Indeed, the Sony Bank branch has reportedly begun experimenting with the issue of a stablecoin indexed to the yen. WhaleFin had already been involved in a similar digital yen project. The platform's experience is therefore an advantage for Sony, which could well draw on it for its project.

  Recovering an exchange platform for the ecosystem's cryptoactives: The Japanese giant is also committed to web3 and NFT via its Sony Interactive Entertainment branch. For example, it has filed a patent on a new form of NFT to benefit video game players. In order to be able to transmit these cryptoactives, a suitable platform is required. The new S.BLOX platform could fill this role.

MARKET PERSPECTIVE

• The possibilities in web3 are numerous and adaptable to a wide range of use cases. Coinbase, for example, has seized this opportunity by offering companies a white-label wallet. This Wallet-as-a-service principle enables any company to integrate the solution and offer it to its customers. In this way, they can support transactions or create token-based reward programs (NFT).