Key Takeaways
- Sony Group has officially entered the crypto exchange market by acquiring Amber Japan.
- Amber Japan was involved in a speculated debt-to-equity deal following the FTX collapse.
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Sony Group, a Japanese conglomerate known for games, music, and cameras, has officially entered the crypto exchange market with the acquisition of Amber Japan, according to crypto reporter Wu Blockchain. Amber Japan, previously known as DeCurret, is the Japanese subsidiary of the global Amber Group, providing regulated digital asset trading services.
Exclusive: Sony Group, one of Japan’s largest companies, has acquired Amber Japan, officially entering the crypto exchange field. Sony’s businesses include games, music, cameras, etc., with a market value of more than $100 billion. Singapore market maker Amber Group acquired… pic.twitter.com/XOHFIUmKtJ
— Wu Blockchain (@WuBlockchain) July 1, 2024
Amber Group expanded its operations to Japan through the acquisition and rebranding of the Japanese crypto exchange DeCurret to Amber Japan in 2022. The company, however, faced financial troubles due to some of its trading capital exposure to the now-defunct crypto exchange FTX.
Following the FTX collapse, Amber Group pivoted its fundraising plans and raised a $300 million Series C round in December 2022. The round was led by Fenbushi Capital, with participation from notable backers like Temasek, Sequoia China, Pantera, Tiger, and Coinbase. Amber Group said the funding would help protect customers who lost money due to the FTX collapse.
The latest move comes as part of Sony’s strategy to diversify its portfolio, which already boasts a market value exceeding $100 billion. Sony has been exploring the use of non-fungible tokens (NFTs) and blockchain in gaming for the past few years.
In March 2023, Sony filed a patent for an “NFT Framework for Transferring and Using Digital Assets Between Games Platforms”. This outlines a system for using NFTs cross-platform, including features like NFT-locked gameplay, limited-use in-game tasks, and rewarding players with NFTs.
This is a developing story. We’ll give updates on the situation as we learn more.
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