Sony to restart cryptocoin exchange Whalefin

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Quote from: Rikafip on July 04, 2024, 08:02:53 AM

Quote from: RickDeckard on July 04, 2024, 05:32:00 AM

It will be interesting to see how this new venture will behave in their books and if they will put it in a single category (easier to track) or if they are going to blend it in in an already existing category.

Its kinda makes sense to add thet exchange business into "financial services" category.

My first assumption would be that one as well but upon checking what their financial services encompasses[1] it doesn't feel like it would encompass the exchange - considering their nature - within that category:

Quote

It operates various businesses, including both life and non-life insurances, online banking, credit card settlement, nursing care, and venture capital.

Still, it would be nice to have it as a separate business to see how much it grows YoY, but let's see what happens in the long term...

[1]https://en.wikipedia.org/wiki/Sony_Financial_Group

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Quote from: RickDeckard on July 04, 2024, 05:32:00 AM

Indeed. Sony total business empire is quite extensive but most people only know them due to Playstation (I assume most people), television and probably cameras.

For me, the first thing I think of when I hear about Sony are their TVs. I still remember the day my father brought their top of the line CRT TV (afaik it was called Trinitron series), and they are (afaik) still the market ledaer in high end TV market.

Quote from: RickDeckard on July 04, 2024, 05:32:00 AM

It will be interesting to see how this new venture will behave in their books and if they will put it in a single category (easier to track) or if they are going to blend it in in an already existing category.

Its kinda makes sense to add thet exchange business into "financial services" category.

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Quote from: Rikafip on July 03, 2024, 10:51:15 PM

Sony is much more than PlayStation and cameras. They are the biggest music record company in the world (Sony Music) and are behind one of the biggest movie studios in the world (Sony Pictures) and God knows what else. These guys are in everything so that's why it's no surprising that they went into crypto as well.

Indeed. Sony total business empire is quite extensive but most people only know them due to Playstation (I assume most people), television and probably cameras. If we take a look at the full picture the reality is much, much more[1]:

Gaming is still responsible for Sony biggest revenue - in 2023 represented more than $25 billion dollars - followed by electronics, products & solutions and then probably financial services. It will be interesting to see how this new venture will behave in their books and if they will put it in a single category (easier to track) or if they are going to blend it in in an already existing category.

[1]https://www.statista.com/statistics/297533/sony-sales-worldwide-by-business-segment/

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If we look closer at the story we will see that the exchange was actually acquired by one of Sony’s subsidiaries. A few days ago there was also some people on Twitter saying that Sony was launching an Ethereum layer 2 blockchain and speculating that we would have crypto in Playstation games. Sony is a large conglomerate, just because a company they own is involved with crypto doesn’t mean that Sony as a whole is going to adopt crypto across every service they offer.

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Quote from: mindrust on July 03, 2024, 10:11:21 PM

Sony is still… kind of… big in Japan.

Not as big in anywhere else in the world. Playstation and some mirrorless cameras and that’s pretty much what sony is at the moment.

Sony is much more than PlayStation and cameras. They are the biggest music record company in the world (Sony Music) and are behind one of the biggest movie studios in the world (Sony Pictures) and God knows what else. These guys are in everything so that's why it's no surprising that they went into crypto as well.

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Quote from: Rikafip on July 03, 2024, 09:28:56 AM

Quote from: Synchronice on July 03, 2024, 05:43:46 AM

Will it be global or will it be only in Japan?

Japan only.

Makes sense.

It is because…

Sony is still… kind of… big in Japan.

Not as big in anywhere else in the world. Playstation and some mirrorless cameras and that’s pretty much what sony is at the moment.

No European or American dude will invest in Sony’s weird crypto exchange and they know it very well. But the Japanese ain’t like the rest of the world. They love weird shit. Some weird shit they produce, should never leave Japan.

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Quote from: NotATether on July 02, 2024, 10:49:28 PM

Quote from: mk4 on July 02, 2024, 12:58:39 AM

I guess someone on the Sony board figured out how degenerate people generally are and how much demand gambling has.

I'm not going to lie, this seems very out of place for Sony, if you ask me. Sony is an entertainment and devices company first of all, and they don't have anything to do with crypto.

To me this sounds like when Samsung announced a "crypto phone" that was basically a hardware wallet and we've never heard any updates from it since. It's probably dead by now.

However, this is a real exchange. What are they going to do with this? Similar to what @tabas has mentioned, this might be for NFTs for their games on the Playstation. If we are going to speculate further, Sony might be creating their own cryptospace for the economy for different games, each with their own tokens where you can exchange for other tokens of other games.

However, it might only be an ordinary exchange in the cryptospace hehehehe.

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I didn't know that Sony was going to dive into crypto. They're known for the industry that they're in, especially PlayStation, gaming, etc. So, if they're doing this, maybe the idea is to try new things and expand their money wherever they can. With this venture, I'm not sure if the article has said something about Sony as the one that's literally going to manage it but it's said that they're part of it and they have invested in it. As for that article, it's said about NFT, maybe one thing is that most of their games through PS will have NFT products.

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Quote from: Synchronice on July 03, 2024, 05:43:46 AM

Why did they decide to launch a crypto exchange?

Diversification I guess.

Quote from: Synchronice on July 03, 2024, 05:43:46 AM

Doesn't make sense from a company that is into a different business but I have to admit that I am a little intrigued what they plan to deliver.

I am not surprised at all that a multibillion tech conglomerate such as Sony wants a piece of crypto cake.

Quote from: Synchronice on July 03, 2024, 05:43:46 AM

Will it be global or will it be only in Japan?

Japan only.

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Quote from: mindrust on July 02, 2024, 11:18:14 PM

Sony is trying to become relevant again. Their best selling product is playstation and even its days are numbered. When people realize buying a big game console is a stupid idea, sony will lose the last best selling product in their hands.

I like Sony and their quality. I bought Playstation over Xbox and gaming PC because Sony has amazing PS exclusive games. Series of InFamous, God Of War, Spider-Man, Horizon, Ghost Of Tsushima, etc. These games are insanely good and entertaining, I got so hooked up that I even took a vacation to play God Of War. If they keep making PS exclusive games, believe me, people will buy a console. It's not really a stupid idea to buy Sony's console if you want to play video games. When you have a laptop or pc, you have to constantly upgrade components to play games but when you own Playstation, you just buy it and it lasts for almost a decade.

I also own Sony A7 III and Sony lens, I'm very grateful.

Quote from: mindrust on July 02, 2024, 11:18:14 PM

Now they are trying to launch a crypto exchange? We probably won’t like what they will deliver. It will probably be another kyc infested cesspool. Cypto is open source and freedom and sony is the exact opposite of these values. Sony means DRM, KYC, closed source etc.

I don’t expect anything good to come out of it.

I am completely lost here. Why did they decide to launch a crypto exchange? Doesn't make sense from a company that is into a different business but I have to admit that I am a little intrigued what they plan to deliver. Will it be global or will it be only in Japan?

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Sony is trying to become relevant again. Their best selling product is playstation and even its days are numbered. When people realize buying a big game console is a stupid idea, sony will lose the last best selling product in their hands.

Now they are trying to launch a crypto exchange? We probably won’t like what they will deliver. It will probably be another kyc infested cesspool. Cypto is open source and freedom and sony is the exact opposite of these values. Sony means DRM, KYC, closed source etc.

I don’t expect anything good to come out of it.

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Quote from: mk4 on July 02, 2024, 12:58:39 AM

I guess someone on the Sony board figured out how degenerate people generally are and how much demand gambling has.

I'm not going to lie, this seems very out of place for Sony, if you ask me. Sony is an entertainment and devices company first of all, and they don't have anything to do with crypto.

To me this sounds like when Samsung announced a "crypto phone" that was basically a hardware wallet and we've never heard any updates from it since. It's probably dead by now.

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Quote from: mk4 on July 02, 2024, 12:58:39 AM

I guess someone on the Sony board figured out how degenerate people generally are and how much demand gambling has.

Quote from: bbc.reporter on July 01, 2024, 07:58:39 PM

If this exchange becomes a very successful business for Sony, does this also imply that Samsung and other similar companies might make similar business decisions?

I totally doubt it. This acquisition and business decision is surprising enough — crypto is totally out of the scope of Sony and these companies' expertise and what they're known for doing.

Hehe agreed, however, I can also understand if someone will begin to argue that it might be possible for a very big software company similar to Microsoft or a technological company similar to Google to start exploring business opportunities in the cryptospace. I reckon with their billions of dollars they can create their own DeFi networks and start their own LPs in their own automated marker makers and their own DEX.

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Quote from: Potato Chips on July 02, 2024, 10:08:55 AM

But whatever their plans are, I have a feeling it might be region locked to japan... or at least, only for a while if it booms. 🤔

I don't believe Sony will stretch out this cryptocurrency besides Japan, but it's purely my guess considering the knowledge that I have of Sony and their (usual) business decisions considering their market in Japan. Their announcement, however, does not state directly where they will operate in the future[1]:

Quote from: Translated text

Amber Japan Co., Ltd. (Headquarters: Minato-ku, Tokyo; CEO: Jun Watanabe), which operates the cryptocurrency trading service "WhaleFin," changed its name to S.BLOX Co., Ltd. on July 1, 2024. "WhaleFin" is scheduled to be renewed in the future. The company will become a subsidiary of the Sony Group in 2023 and will promote collaboration within the Sony Group in the future.

In addition to redesigning the UI screen, the renewal of "WhaleFin" will include the release of a new app to provide an easier-to-use service. After the renewal, we also plan to further expand the supported currencies and functions.

S.BLOX Co., Ltd. was acquired by Quetta Web Co., Ltd. (a wholly owned subsidiary of Sony Group Corporation) in August 2023 and has been operating cryptocurrency trading services. Going forward, as a member of the Sony Group, we will work to create new added value in cryptocurrency trading services by collaborating with the group's diverse businesses.

About S.BLOX Corporation

Company name: S.BLOX Co., Ltd. (formerly Amber Japan Co., Ltd.)

Address: 2-5-10 Konan, Minato-ku, Tokyo

Established: January 10, 2018

Representative: Jun Watanabe, President and CEO

Capital: 1,708,179,531 yen

Investment ratio: Quetta Web Co., Ltd.*: 100%

*A wholly owned subsidiary of Sony Group Corporation

Business description: Cryptocurrency exchange business

Cryptocurrency Exchange Operator Kanto Regional Financial Bureau No. 00016

Certified payment business association to which it belongs: Japan Cryptocurrency Exchange Association

URL: https://www.whalefin.com/ja

Independently of it, it's always good to know that big brands are choosing to adventure into segments such as this. Looking forward to see what comes out of it.

[1]https://prtimes.jp/main/html/rd/p/000000087.000042886.html

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This could all be connected with PlayStation new patent for NFT game assets, and SONY is probably hoping this will be a lot more popular.
I doubt they can do anything serious with new exchange for worldwide market, but Japan often have unique local services that don't work outside Japan.

Rikafip

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Quote from: bbc.reporter on July 01, 2024, 07:58:39 PM

However, what does this imply for the cryptospace?

It just confirms what we know for some time now, that mainstream companies want their piece of (crypto) cake.

Quote from: bbc.reporter on July 01, 2024, 07:58:39 PM

If this exchange becomes a very successful business for Sony, does this also imply that Samsung and other similar companies might make similar business decisions?

Whether they go actually in exchange business remains to be seen, but I can see Samsung and other big companies getting more involved into anything crypto related. Iirc, wasn't Samung already involved in some crypto stuff like mobile phones with crypto wallets?

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Quote from: bbc.reporter on July 01, 2024, 07:58:39 PM

Also the article mentioned a new app for the exchange. We might see this app installable not only on Sony's phones, it will be in the Playstation, Sony TVs and other hardware devices.

For what it's worth, it appears they did release a statement about their plans of collaborating with Sony Group’s other businesses

Quote from: https://www.theblock.co/post/302719/sony-launches-crypto-exchange-in-japan

WhaleFin has been renamed to S.BLOX Co., which plans to collaborate with Sony Group’s other businesses to generate additional value for its crypto trading services, according to the statement.

But whatever their plans are, I have a feeling it might be region locked to japan... or at least, only for a while if it booms. 🤔

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Quote from: bbc.reporter on July 01, 2024, 07:58:39 PM

Sony? This news was shocking for me hehehe. However, what does this imply for the cryptospace? If this exchange becomes a very successful business for Sony, does this also imply that Samsung and other similar companies might make similar business decisions?

Also the article mentioned a new app for the exchange. We might see this app installable not only on Sony's phones, it will be in the Playstation, Sony TVs and other hardware devices.

So they are planning to give hard time to Elon Musk's twitter. As he also said he would make it a full-fledged crypto exchange. Same like that Sony will be promoting this exchange via other products, so maybe in the future people could buy video games from sony directly using this exchange, although using this exchange on sony TVs or in PlayStation is not a good plan, maybe they will only allow us to mirror our application from smartphone to these devices as placing the software of exchange in these products is not good and risky as well.

Overall its a good decisions, those gamers who yet to adopt crypto will adopt it now. This will increase the users and if other companies think to step into this sector of providing exchange services then that would also steramline the adoption of crypto. Overall its a win win. Let's see what there product has to offer.

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This is definitely newsworthy as it makes another massive international brand become associated with crypto but I am not optimistic about the near future plans Sony could have with Whalefin. There is absolutely no announcement or indication that crypto will be implemented in to day-to-day activities when using Sony products therefore their business decision must be based on a different perspective.

Quote from: bbc.reporter on July 01, 2024, 07:58:39 PM

Sony is planning to restart the crypto exchange Whalefin, which it bought from crypto lender Amber Group last year.

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Remember when supposedly you could mine Bitcoin with washing machines and mobile phones?

Remember the big blockchain phone that cost same as iphone? And supposedly it got sold out on first manufacturing?

This is going to be the same shit. Nobody is going to use it the way we think. Even if people use it, it's not benefiting crypto. It's just all CEX flavor thingies.

Topic: Sony to restart cryptocoin exchange Whalefin (Read 295 times)