Sony Bank announces the establishment of a Web3 specialized subsidiary - capital of 300 million yen, business to start this autumn | CoinDesk JAPAN

Sony Bank announced on May 28 that it will establish a wholly-owned subsidiary specializing in Web3-related businesses. This was resolved at the board of directors meeting held on May 27, and the necessary approvals from relevant authorities have also been obtained.

According to the company, the background of its establishment is the advancement of integrating services and business models for digital assets using blockchain technology, in a situation where the expansion of the Web3 market is expected.

As the importance of financial services such as wallets for NFTs and cryptocurrencies, and cryptocurrency exchanges, continues to rise, Sony Bank aims to provide a world where fans and artists, digital and physical, fiat currency and digital assets "connect," creating new emotional experiences and revenue opportunities in the Web3 era.

The new company is established in Chiyoda, Tokyo, and its business activities will include planning, implementing, and supporting various Web3 projects utilizing blockchain technology.

The capital is 300 million yen, and Sony Bank holds a 100% stake. The establishment is planned for around June 2025, with the business expected to start in the fall of the same year.

Sony Bank is already offering a smartphone app called "Sony Bank CONNECT" for the Web3 entertainment sector and is considering the provision of new experiences that integrate finance and Web3, keeping in mind collaboration with the new company it is establishing.

Related article: Sony Bank releases the web3 entertainment app 'Sony Bank CONNECT'