Japanese Tech Giant Sony Group Officially Enters Crypto Trading: Report
Japanese tech conglomerate Sony Group has acquired crypto firm Amber Japan, officially debuting into the crypto exchange arena.
Per journalist and blockchain blogger Colin Wu, Singapore-based Amber Group, in 2022, entered the Japanese crypto market with the acquisition of digital asset trading platform DeCurret.
“Later, due to the collapse of FTX, Amber Group fell into trouble and was suspected of a complete debt-to-equity transaction with Fenbushj,” he wrote on X.
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
Following Amber Group’s exposure to the FTX implosion, it closed a hefty $300 million Series C funding round.
“Amber Group investors include Temasek, Sequoia China, Pantera, Tiger, Coinbase, etc.” Wu added.
The company said last year that it would scale-down mass consumer efforts and non-essential business lines, to focus on core businesses.
As a result, the firm considered potential sale of its Japan subsidiary in April 2023. The company applied for a Hong Kong’s license following the city-state’s pivot towards creating a crypto-friendly hub.
Japan is a “very high-quality market, but regulations are strict,” Amber’s Managing Partner Annabelle Huang told Bloomberg at the time. “The regulatory scene in Hong Kong has been very bullish for us, preparing for our license application.”
Sony’s Acquisition of Amber Group’s Japan Subsidiary
The recent acquisition of Amber Group’s Japan arm comes as a part of Sony’s plan to diversify its portfolio. The tech behemoth, with a market value of more than $100 billion, already has businesses including games, music and cameras.
Additionally, Sony ventured into non-fungible tokens (NFTs) in March 2023, by filing a patent for an NFT framework. The outline was for transferring and using digital assets between games platforms.
This framework could significantly impact the gaming industry by enabling players to trade cryptos across different platforms and games securely.
Further, Sony’s crypto debut is expected to bring significant advancements and increased credibility to the market. It highlights the tech giant’s commitment to embracing digital financial innovations, at a time when cryptos are showing increased uptrend.
