Sony Enables Direct Crypto Payments in Singapore through Crypto.com
Introduction
In a significant move, Sony Electronics Singapore has enabled USDC payments through Crypto.com’s payment service, marking the company’s first local move into direct crypto transactions. This feature allows customers to check out using USDC, a stablecoin pegged to the U.S. dollar, currently exclusive to the Sony Store Online and available only via Crypto.com’s payment system.
Background
USDC is the second-most prominent stablecoin, following Tether’s USDT, with $60.06 billion in circulation. Circle, the company behind USDC, filed an S-1 with the U.S. SEC, intending to go public via an IPO. This move comes amid a broader shift within Sony’s global operations toward blockchain and Web3 technologies.
Sony’s Blockchain Initiatives
Earlier this year, Sony debuted Soneium, a custom-built Ethereum layer-2 network created by its Singapore-based subsidiary Sony Block Solutions Labs. While Soneium operates quietly in the background, it’s intended to support a wide range of blockchain use cases, spanning digital collectibles, creator tools, and potentially, in-game economies tied to Sony’s entertainment empire.
Integration with Soneium
Developers have since used Soneium to launch NFT collections, such as a soulbound drop celebrating Sony’s iconic Aibo robot, and early-stage games, with a growing catalog of consumer-facing tools. This integration positions USDC as a go-to option for transactions across apps built on the Soneium network.
Crypto.com’s Global Expansion
Crypto.com, for its part, continues to expand its footprint globally. Last month, it signed a non-binding agreement with Trump Media and Technology Group to launch crypto-focused ETFs, including offerings tied to Bitcoin (BTC) and its own Cronos (CRO) token.
Conclusion
Sony’s move to enable direct crypto payments in Singapore through Crypto.com marks a significant step toward mainstream adoption. As the company continues to explore blockchain and Web3 technologies, it’s likely to have a profound impact on the industry.
FAQs
Q: What is USDC?
A: USDC is a stablecoin pegged to the U.S. dollar, currently the second-most prominent stablecoin, following Tether’s USDT.
Q: What is Soneium?
A: Soneium is a custom-built Ethereum layer-2 network created by Sony’s Singapore-based subsidiary Sony Block Solutions Labs.
Q: What is the significance of this move?
A: This move enables customers to check out using USDC, a stablecoin pegged to the U.S. dollar, currently exclusive to the Sony Store Online and available only via Crypto.com’s payment system.
Q: What are the implications of this move?
A: This move has significant implications for the industry, as it marks a step toward mainstream adoption of cryptocurrencies.
Q: What is the future of direct crypto payments?
A: As more companies explore blockchain and Web3 technologies, it’s likely that direct crypto payments will become more mainstream.
