Sony Group acquires Amber Japan, officially steps into crypto exchange arena

July 1, 2024

Key Takeaways

Sony Group has formally entered the crypto alternate market by buying Amber Japan.
Amber Japan was concerned in a speculated debt-to-equity deal following the FTX collapse.

Sony Group, a Japanese conglomerate identified for video games, music, and cameras, has formally entered the crypto alternate market with the acquisition of Amber Japan, in line with crypto reporter Wu Blockchain. Amber Japan, beforehand often known as DeCurret, is the Japanese subsidiary of the worldwide Amber Group, offering regulated digital asset buying and selling companies.

Unique: Sony Group, certainly one of Japan’s largest firms, has acquired Amber Japan, formally getting into the crypto alternate discipline. Sony’s companies embody video games, music, cameras, and many others., with a market worth of greater 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 by means of the acquisition and rebranding of the Japanese crypto alternate DeCurret to Amber Japan in 2022. The corporate, nonetheless, confronted monetary troubles because of a few of its buying and selling capital publicity to the now-defunct crypto alternate FTX.

Following the FTX collapse, Amber Group pivoted its fundraising plans and raised a $300 million Series C round in December 2022. The spherical was led by Fenbushi Capital, with participation from notable backers like Temasek, Sequoia China, Pantera, Tiger, and Coinbase. Amber Group stated the funding would assist shield prospects who misplaced cash because of the FTX collapse.

The newest transfer comes as a part of Sony’s technique to diversify its portfolio, which already boasts a market worth exceeding $100 billion. Sony has been exploring using non-fungible tokens (NFTs) and blockchain in gaming for the previous few years.

In March 2023, Sony filed a patent for an “NFT Framework for Transferring and Utilizing Digital Property Between Video games Platforms”. This outlines a system for utilizing NFTs cross-platform, together with options like NFT-locked gameplay, limited-use in-game duties, and rewarding gamers with NFTs.

This can be a growing story. We’ll give updates on the state of affairs as we be taught extra.