Sony Singapore partners with Crypto.com to enable USDC payments
Sony Electronics Singapore has partnered with Singapore-headquartered Crypto.com to enable USDC stablecoin payments for local consumers on Sony’s online store.
In a statement published on April 2, Crypto.com provided details on the development. By accessing Crypto.com’s payment system, Sony customers in Singapore can pay for items on the Sony platform using the U.S. dollar-pegged stablecoin.
Plans to expand payment options
The gaming, entertainment and consumer electronics giant also outlined that USDC payments are a starting point, with plans to expand the offering to include other crypto payment options in the future.
Commenting on the development, Crypto.com’s General Manager for Singapore, Chin Tah Ang, stated:
“We’re pushing to make paying in crypto more mainstream and partnering with a well-established and forward-thinking brand like Sony Electronics Singapore further raises awareness of how simple it can be to pay for everyday goods and services using crypto.”
The Crypto.com executive added that a high-profile brand like Sony would provide further visibility with regard to crypto payments. Sony dominates the gaming console market in Singapore, with a 61% share of the market within the city-state. A successful roll-out of this crypto payment option in Singapore could potentially lead to further roll-outs in other regions.
Keeping pace with shift towards crypto
Blockchain industry pioneer Kyle Chasse, outlined on X that the development demonstrates that adoption isn’t coming, rather that it has already arrived. Sony sees the move as an effort the firm is making to “stay ahead of the curve” and future-proof its operations. It has formed the view that diversifying payment options to include crypto payments is necessary in order to keep pace with what it perceives as a global shift towards the use and integration of crypto.
Ang sees upside for both companies as a consequence of the development. He stated:
“This payment integration will not only benefit our users by giving them another way to utilise their crypto in the real world, but we believe adding a new and streamlined crypto payment method will also broaden [Sony Electronics Singapore’s] customer base.”
This development is not Sony’s first touchpoint with crypto and blockchain. In recent times, it has developed its own blockchain, Soneium. The Ethereum layer-2 network officially launched its mainnet in January.
In 2024, Sony Group acquired Amber Japan, the Japanese subsidiary of Singaporean crypto market maker Amber Group. Last year, another Sony Group company, Sony Bank, announced plans to develop a stablecoin in partnership with Astar Network, a Polkadot-based smart contract platform.
Commenting on Sony’s participation within the crypto and blockchain space last year, independent game designer Chad Steingraber said, “Sony entering crypto is a MUCH bigger deal than people realize yet.” He predicted that the entire entertainment sector will become engulfed by crypto assets.
At the time, Steingraber was reacting to the news that Singaporean financial services firm Phillip Securities and Securitize were planning a security token offering in connection with a Sony movie production.
