Sony Group, a renowned Japanese conglomerate known for its ventures in games, music, and cameras, has officially entered the crypto exchange market by acquiring Amber Japan. According to crypto reporter Wu Blockchain, Amber Japan, formerly known as DeCurret, is the Japanese subsidiary of the global Amber Group, offering regulated digital asset trading services.
Amber Group initially entered the Japanese market by acquiring and rebranding the crypto exchange DeCurret to Amber Japan in 2022. However, the company encountered financial difficulties due to its trading capital exposure to the now-defunct crypto exchange FTX.
In response to the FTX collapse, Amber Group shifted its fundraising strategy and secured a $300 million Series C round in December 2022. This round was led by Fenbushi Capital and included significant investors such as Temasek, Sequoia China, Pantera, Tiger, and Coinbase. Amber Group stated that the funds would help protect customers affected by the FTX collapse.
Sony’s latest move to acquire Amber Japan is part of its broader strategy to diversify its portfolio, which already exceeds a market value of $100 billion. Sony has been exploring blockchain technology and non-fungible tokens (NFTs) in gaming for several years. In March 2023, Sony filed a patent for an “NFT Framework for Transferring and Using Digital Assets Between Games Platforms.” This framework outlines a system for cross-platform use of NFTs, including features such as NFT-locked gameplay, limited-use in-game tasks, and rewarding players with NFTs.
Overall, Sony’s entry into the crypto exchange market through the acquisition of Amber Japan is poised to positively influence the crypto ecosystem by boosting credibility, fostering innovation, and potentially driving greater mainstream and institutional adoption.