The trend of massive international corporations entering the Web3 space continued this week, as media and electronics giant Sony is set to launch its very own crypto exchange in Japan. This is massive news for the whole crypto community – obviously the announcement was met with great optimism – as Sony could really accelerate the adoption of crypto and other Web3 assets by mainstream circles thanks to its popularity and brand credibility. In this article, we will
- Explore how Sony plans to launch its exchnage, including the benefits that will be amassed, and what this means for the company at large
- Analyze what this means for the future of crypto adoption – both in general and in particular by users and/or followers of major brands entering the space with projects of their own
Sony and Crypto: How and Why This Match Works
Starting off, Sony had acquired local crypto exchnage Amber Japan roughly a year ago in the summer of 2023. It is now rebranding it and launching as a brand new exchange.
- A press release published Monday on PR Times announced that Sony’s subsidiary would be rebranding Amber Japan. In addition, the rebrand will also consist of a redesign of the user interface of the platform, as well as a new mobile app that will facilitate its usage, accoridng to The Block.
- Sony had initially acquired Amber Japan through its subsidiary Quetta Web. Amber Japan was previously known as DeCurret before the Singaporean group Amber took it over two years ago.
- Sony’s new crypto exchange will be led by Startale Labs’s external director, a company that builds Web3 infrastructures. This is also not the first venture for Sony into the crypto world. In fact, as we expalined in a previous post, Sony had already filed a patent for use of NFTs as in-game assets and to make them transferable from one console to another – calling them “super-fungible tokens”. Therefore, the giant’s venture into crypto should not come as a surprise given that it was one of the first electronic and media giants to experiment with NFts and other decentralized digital assets.
The Repercussions
The news of Sony’s announcement was received positively throughout the crypto world. The fact that usch a major giant corporation is willing and acting on starting its very own exchange – and in Japan of all places, which is rapidly becoming a crypto hub – is a promising sign for all Web3 enthusiasts. Let’s find out why.
- The announcement obviously reflects Sony’s leading charge into the crypto sphere – whicb started years ago, as just mentioned. Sony will now be able to capitalize on its world-recognized brand and recah to expand crypto-related offers it is working on to its entire audience and beyond.
- Sony’s rebranding process – in addition to several strategic enhancements like the mobile app – are a testament to the company’s “commitment to positioning itself at the forefront of digital finance innovation in Japan and beyond.” Son y will be able to capitalize on mainstream growing interest in crypto by offering these new solutions, in addition to enhancing its brand recognition even more towards a new audience.
- Japan itself – the chosen location for Sony’s new launch – has emerged recently as a leading crypto market, thanks to higher consumer awareeness and proactive regulation by its lawmakers. This makes Japan an ideal location for Sony’s launch, as Simon Dixon (CEO of BankToTheFuture) also stated on Twitter, adding that crypto and Japan have had an inextricable link ever since the beginnings – in the late 2000s.
- Tangibly, this announcement had positive repercussions for the crypto market at large. Soon after the news on Monday, bitcoin reached the $63K mark after hovering under the threshold for almost a week – between $59K and $62K to be exact. In addition, BTC ETFs also finally recorded significant inflows of $129.5 million on Monday, after seeing several days of outflows and very littel inflows.
At CoinGames, we’re also super excited with this news, as we’re planning to release our $CGT token in September 2024. $CGT will be the native token of the whole CoinGames decentralized ecosystem. It comes with multiple utilities intertwined with our NFT collection, Rising Legends’ utilities giving it enormous power to hold.
Some of the utilities include:
Gambling Rewards
$CGT holders will unlock tailored promotions especially crafted for them, as well as exclusive tournaments only they will participate in. These tailored promotions include enhanced deposit bonuses and exclusive cashbacks. This is our way of rewarding our token holders directly on our casino, just as we will do for our esteemed NFT holders.
Staking $CGT Benefits
By staking $CGT tokens, users will be able to open the door to exclusive rewards. As a token of our appreciation for the users’ commitment, they will receive regular rewards directly proportional to the amount of $CGT they stake. Essentially, the more you stake, the greater your potential earnings.
Value Appreciation
With a decreasing supply of $CGT due to regular token burns, the scarcity of tokens tends to drive up their value. This creates a positive impact on the overall value of your $CGT holdings.
Learn more about CoinGames’ $CGT token’s and NFT collection, Rising Legends’ utilities in our whitepaper.
One of the most exciting extra benefits that we have started is this month’s Treasure Hunt Tournament. Only this month, the Rising Legends holders can have fun completing the week’s steps and enjoy special awards such as:
Grand Prize: Rising Legends NFT + $CGT private sale spot + 100 free spins in our casino.
Exclusive Rising Legends NFT.
Private sale spot for $CGT.
One of the tasks is to read this article and find the hidden code, which is “Cryptocurrency is the future of finance”. Don’t have a Rising Legend yet? No worries, head over to Magic Eden and grab yours now as we’re still live.