Sony Ventures Into Crypto Banking With National Charter Application

By: Eva Baxter

Sony Corporation is making a significant move into the cryptocurrency banking sector through its financial arm, Sony Bank, as it has submitted an application for a national banking charter in the United States. This charter application has been filed through its subsidiary, Connectia Trust, and if approved, it would allow Sony to engage in a range of cryptocurrency services.

The Japanese conglomerate's move into the crypto banking space suggests a strategic approach to integrate blockchain technology with its financial services. Sony plans to offer various cryptocurrency-related services, including the issuance of US dollar-backed stablecoins, maintaining custody and fiduciary management for digital assets, and offering these services to select clients. This strategy aims to leverage Sony's expertise in financial services and expand its reach into the global digital asset ecosystem.

Sony has filed this application with the Office of the Comptroller of the Currency (OCC), emphasizing that its proposed activities are in line with those approved for other national banking charters. If the application is successful, Sony will join other high-profile firms such as Stripe and Coinbase, which are also pursuing federal crypto banking licenses. Notably, Anchorage Digital Bank remains the only entity to have received full regulatory approval thus far, highlighting the selective nature of this approval process.

Beyond the application for a banking charter, this is not Sony's first foray into the digital asset arena. The company has previously partnered with Startale Labs to create Soneiun, an Ethereum Layer-2 network designed to enhance decentralized applications. This partnership highlights Sony's commitment to integrating cutting-edge blockchain technology with its existing operations, further positioning itself as a leader in the digital finance sector.