Japanese tech giant Sony Group has officially entered the cryptocurrency trading sphere, according to a recent report. Sony Group has acquired Amber Japan, a crypto firm, marking its debut into the crypto exchange market.
Initially, Singapore-based Amber Group entered Japan’s crypto market in 2022 through the acquisition of the digital asset trading platform DeCurret. However, complications arose for Amber Group following the collapse of FTX, leading to discussions of a complete debt-to-equity transaction with Fenbushj, as detailed by journalist and blockchain blogger Colin Wu.
In response to these challenges, Amber Group successfully closed a substantial $300 million Series C funding round, attracting investment from notable entities such as Temasek, Sequoia China, Pantera, Tiger Global, and Coinbase.
Amidst strategic adjustments, including scaling down mass consumer efforts and non-essential business lines, Amber Group considered selling its Japan subsidiary in April 2023. The company pursued a license in Hong Kong, capitalizing on the city-state’s favorable regulatory environment for crypto businesses.
Annabelle Huang, Managing Partner at Amber Group, highlighted Japan as a high-quality market with stringent regulations, contrasting it with Hong Kong’s more favorable regulatory climate. She emphasized the company’s proactive approach in preparing for a license application in Hong Kong.
Sony’s acquisition of Amber Group’s Japan subsidiary aligns with its strategy to diversify its portfolio beyond its existing businesses in gaming, music, and cameras. Sony had previously ventured into non-fungible tokens (NFTs) in March 2023, filing a patent for an NFT framework designed to facilitate the transfer and utilization of digital assets across gaming platforms.
This move positions Sony at the forefront of digital financial innovations, enhancing its credibility in the crypto market amidst growing adoption trends. Sony’s foray into cryptocurrencies is expected to drive significant advancements in the industry, underscoring its commitment to embracing digital financial technologies.
For more updates, follow us on Google News.
