Last Updated on July 1, 2024 by COINBUZZFEED
In a bold move to diversify its business portfolio, Sony Group has officially entered the cryptocurrency exchange market by acquiring Amber Japan. This acquisition marks a significant step for the Japanese conglomerate, known for its dominant presence in the gaming, music, and electronics industries.
Sony’s Strategic Move into Crypto
According to recent reports, Sony Group has finalized the acquisition of Amber Japan, expanding its reach into the cryptocurrency trading platform sector. This strategic move allows Sony to tap into the rapidly growing digital asset market, further diversifying its vast business portfolio which already includes games, music, and cameras. The market value of Sony Group exceeds $100 billion, highlighting the scale and influence of this new venture.
Background on Amber Japan
Amber Japan, previously known as DeCurret Inc., was acquired by Singapore-based Amber Group in early 2022. DeCurret was a regulated cryptocurrency trading platform in Japan. However, following the collapse of FTX, Amber Group faced significant financial difficulties, leading to a suspected complete debt-to-equity transaction with Fenbushi Capital. Amber Group’s investors include notable names such as Temasek, Sequoia China, Pantera, Tiger Global, and Coinbase.
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