Sony Group, a Japanese technology conglomerate, has officially entered the world of cryptocurrency trading with its acquisition of Amber Japan, according to a report.
Amber Japan was acquired by Singapore-based Amber Group in 2022, marking their entry into the Japanese crypto market with the purchase of the digital asset trading platform DeCurret. However, following the collapse of FTX, Amber Group faced difficulties and was rumored to have undergone a complete debt-to-equity transaction with Fenbushj.
In response to the FTX implosion, Amber Group closed a substantial $300 million Series C funding round, with investors including Temasek, Sequoia China, Pantera, Tiger, and Coinbase.
Last year, Amber Group announced that it would scale down mass consumer efforts and non-essential business lines to focus on core businesses, and considered selling its Japan subsidiary in April 2023. The company then applied for a license in Hong Kong, following the city-state’s shift towards creating a crypto-friendly hub.
Amber’s Managing Partner, Annabelle Huang, stated that Japan is a “very high-quality market, but regulations are strict,” and that the regulatory scene in Hong Kong had been favorable, preparing for their license application.
The recent acquisition of Amber Group’s Japan arm by Sony is part of the tech giant’s plan to diversify its portfolio. With a market value of over $100 billion, Sony already has businesses in games, music, and cameras.
In March 2023, Sony also ventured into non-fungible tokens (NFTs) by filing a patent for an NFT framework to transfer and use digital assets between gaming platforms. This framework could have a significant impact on the gaming industry by allowing players to trade cryptocurrencies securely across different platforms and games.
Sony’s entry into the world of cryptocurrency trading 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 cryptocurrencies are experiencing an increased uptrend.
