Sony Just Proved That It Is Interested in Security Tokens

Author

Jaroslaw Adamowski

Author

Jaroslaw Adamowski

Author Profile

Share

Copied

Last updated:

June 26, 2023 06:56 EDT

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Sony looks set to get on the security token bandwagon and has indirectly made an undisclosed investment in Securitize, a San Francisco-based platform that issues and managing digital securities. The investment arm of the music and electronics giant joined a funding round that raised USD 14 million.

Per a joint Sony-Securitize press release shared with Cryptonews.com, fellow investors in the funding round included Japanese financial giants Mitsubishi UFJ Financial Group’s MUFG Innovation Partners and Nomura Holdings. Santander’s InnoVentures investment subsidiary and Blockchain Capital were also named.

Sony’s involvement was made through SFV GB, a venture capital fund jointly managed by its Sony Financial Ventures subsidiary, as well as Japanese VC firm Global Brain.

The fund’s operators say they intend to make strategic investments in promising fintech startups across the world in a 10-year period, with a warchest of USD 45.9 million.

Per the press release, the fund says that its objective is to contribute to Sony Financial Group’s “existing businesses and new business creation initiatives” as well as to “generate financial returns from its investment.” Sony appears keen to invest in startups that would be able to collaborate with its business units.

This could be a hint that, through the Securitize deal, Sony may eventually look to tokenize certain aspects of its business operations.

Junji Nakamura, director and member of the SFV board, said,

“We are excited to take on this challenge with Securitize and create new value together.”

Securitize has previously secured investment from bigger American crypto companies, such as Coinbase’s Coinbase Ventures and Ripple’s Xpring, as well as the KDDI Open Innovation Fund and real estate developer Mitsui Fudosan’s 31 Ventures.

Sony is also looking to build “blockchain infrastructure,” per the Japanese Society for Rights of Authors, Composers and Publishers – which is embarking on a music blockchain-powered copyright management pilot, along with five of Japan’s biggest music companies.