Sony, one of Japan's largest and most influential companies, has made a significant entry into the cryptocurrency exchange market by purchasing Amber Japan.
Sony Acquires Amber Japan, Enters Crypto Exchange Market
This acquisition marks Sony's official entry into the crypto exchange space, adding to its diverse business portfolio that includes games, music, cameras and more. Sony's market value exceeds $100 billion.
Amber Japan, formerly known as DeCurret, is a regulated cryptocurrency trading platform in Japan.
Singapore-based market maker Amber Group acquired DeCurret in early 2022 and rebranded it as Amber Japan.
However, the collapse of FTX later in the year brought financial troubles to Amber Group and led to speculation about a full debt-equity transaction with Fenbushj.
Despite the difficulties it has experienced recently, Amber Group received investments from important companies such as Temasek, Sequoia China, Pantera, Tiger and Coinbase.
These prominent supporters highlight the potential of the platform and the strategic value of its acquisition by Sony.
Sony's Strategic Move
Sony's entry into the cryptocurrency exchange market is seen as a strategic move to diversify its business activities and capitalize on the growing cryptocurrency market.
With its vast resources and technological expertise, Sony is well positioned to innovate and expand its presence in the digital asset space.
*This is not investment advice.
