Sony Group Enters Crypto Exchange Market with Amber Japan Acquisition

• Sony Group has acquired Amber Japan, entering the regulated crypto exchange market.
• Amber Japan faced financial challenges due to its exposure to the collapsed FTX exchange.
• Sony has been exploring blockchain and NFT technologies, enhancing its digital strategy.

Wu Blockchain, a crypto reporter, recently highlighted that Sony Group has officially entered the crypto exchange market by acquiring Amber Japan. This acquisition shows that Sony is now involved in digital asset trading alongside its diverse portfolio of games, music, and cameras.

Amber Japan, part of the global Amber Group, offers regulated services for trading digital assets. It was originally named DeCurret before Amber Group bought and renamed it in early 2022. This acquisition allowed Amber Group to expand into Japan, but the company later encountered financial challenges because of its ties to the now-closed crypto exchange FTX.

After FTX collapsed, Amber Group had to change its fundraising plan. In December 2022, the company announced that it had raised $300 million in a Series C round led by Fenbushi Capital. Other major supporters included Temasek, Sequoia China, Pantera, Tiger, and Coinbase. This funding was intended to help customers who lost money due to the FTX collapse.

Sony, valued at over $100 billion, strategically diversified its extensive portfolio through the acquisition of Amber Japan. Over the past few years, Sony has been exploring blockchain technology and non-fungible tokens (NFTs), particularly in gaming.

In March 2023, Sony applied for a patent for a system named “NFT Framework for Transferring and Using Digital Assets Between Games Platforms.” This system lets people use NFTs across different platforms. It includes features like gameplay locked by NFTs, limited-use in-game tasks, and rewarding players with NFTs. This shows Sony’s commitment to using blockchain technology in its business.

Amber Japan’s financial troubles stemmed from its trading capital exposure to FTX, which led to a speculated debt-to-equity deal. The company’s fundraising efforts in late 2022 were crucial in stabilizing its operations and ensuring customer protection.

Sony Group’s purchase of Amber Japan marks a step forward in the crypto exchange market. This shows Sony’s dedication to innovation and its plan to grow its business into new markets. With a focus on blockchain technology and NFTs, Sony is ready to make a big impact in digital asset trading.