Sony Group Acquires Amber Japan: Enters Crypto Exchange Market

July 1, 2024 at 10:21 AM GST 2 mins read News

Sony acquires Amber Japan, taking its first step into crypto exchange markets as part of the diversification plan.
After FTX’s collapse, Amber Group faced financial troubles. They raised $300M to protect their customers and stabilize operations, ensuring future security.
This acquisition was in line with Sony’s strategy for blockchain and NFT integration in gaming and digital assets: it acquired Amber Japan.

Sony Group, a Japanese holding company, has openly moved into the crypto exchange market with an acquisition of Amber Japan, the Japanese arm of global Amber Group, known for offering fully regulated digital asset trading services. Such a move helps Sony further diversify its portfolio, now worth over $100 billion.

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DeCurret, now Amber Japan, suffered from financial troubles due to its exposure to the now-defunct exchange FTX. Notwithstanding these odds, Amber Group was able to close a $300 million Series C raise in December 2022. This fundraising round was led by Fenbushi Capital and backed by industry giants like Temasek, Sequoia China, Pantera, Tiger, Coinbase, and others. The fundraising intends to safeguard the customers who lost money because of FTX’s fall.

With the purchase of DeCurret and subsequent rebranding as Amber Japan, the Amber Group entered the Japanese market in 2022. Although FTX’s collapse hit hard on Amber Japan, it pushed it into financial instability. As a result, allowing for adjustment to its fundraising strategy in the wake of such, Amber Group locked down a $300 million commitment to foster stability in its operations and protect customers.

Sony’s Blockchain and NFT Exploration

Japanese Sony has been actively researching blockchain and NFT gaming for the past two years. In March 2023, Sony applied for a patent involving an “NFT Framework for Transferring and Using Digital Assets Between Games Platforms.” This patent refers to a system through which NFTs would be applied across a range of platforms–beginning with locked gameplay only within an NFT, then limited use tasks within a game, and later rewarding players with NFTs.

This acquisition of Amber Japan further separates Sony in the race to integrate blockchain technology in its operations. The deal, therefore, gives a strong signal about Sony’s commitment to being at the front line of innovation.

This acquisition marks Sony’s official entry into the crypto exchange market. Yet, for Sony, continuous exploration in blockchain and NFT gaming makes such a strategic step quite harmonious. It diversifies the portfolio with advanced technology at the top of the digital asset market. With Sony continuing to rise and increase its technological reach, the future shines bright.