Key Points:
Sony Group acquired Amber Japan, entering the crypto market.
Amber Group, after FTX fallout, was bought and rebranded by Sony.
Sony Network developed a blockchain network with Startale Labs.
Sony crypto exchange is set to launch soon with the acquisition of Amber Japan, diversifying its $100 billion portfolio.
Sony Crypto Exchange Will Be Launched In Japan To Expand $100B Portfolio
According to Wu, Japan's multi-industry conglomerate Sony Group recently acquired Amber Japan to enter the crypto exchange sector officially.
https://twitter.com/WuBlockchain/status/1807569214359969968
The conglomerate, with diverse businesses ranging from games and music to cameras, boasts a market value exceeding $100 billion. Sony's move into the crypto market comes as part of a broader push to diversify its holdings.
Sony Crypto Exchange to Launch with Amber Japan Acquisition
On the market-making side, Amber Group, a market maker from Singapore, acquired Japan's regulated cryptocurrency trading platform DeCurret in Q1 of 2022 and rebranded as Amber Japan.
However, amid the fallout from FTX, trouble-plagued Amber Group, with speculation that it was taking a debt-to-equity deal with Fenbushj. Key investors in Amber Group include Temasek, Sequoia China, Pantera, Tiger, and Coinbase.
Sony's commercial subsidiary, Sony Network Communications, collaborated with the Japanese blockchain startup Startale Labs in 2021 to develop Sony's public blockchain network.
In addition, the firm announced a name change for WhaleFin to S.BLOX Co. in an effort to provide value for its cryptocurrency trading services. The announcement included plans for a more user-friendly mobile application with an updated user interface.
Readmore: Wall Street Crypto Is Poised To Win More Battles With SEC: Report
The Regulatory Environment for Crypto Exchanges in Japan and Hong Kong
The Japanese cryptocurrency exchange DeCurret changed hands in 2022 to the Japanese subsidiary of Amber Group. In August 2023, Quetta Web Co., a Sony subsidiary, acquired the platform.
According to Annabelle Huang, the managing partner of Amber Group, while Japan has a quality market, its regulations are very strict. The Hong Kong regulatory environment is more friendly and has helped the company's licence application process.
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