Sony has entered the crypto industry by acquiring Amber Japan, a regulated crypto exchange previously known as DeCurret.
Sony, the Japanese technology giant, has recently acquired Amber Japan, a crypto exchange, in a covert step into the cryptocurrency sector.
In addition to music, games, and cameras, the Sony Group, a $100 billion conglomerate, has now expanded its business into crypto.
According to Chinese crypto reporter Colin Wu in his exclusive report, Amber Group entered the crypto space in early 2022 when the Singapore-based market maker acquired Japan’s regulated crypto trading platform DeCurret.
Subsequently, the Singapore-based organization rebranded the organization as Amber Japan.
Amberg Group, on the other hand, encountered substantial financial challenges following the collapse of FTX in late 2022. It was reportedly required to engage in a debt-to-equity transaction with Fenbushi Capital.
Several notable entities, including Pantera Capital, Temasek, Tiger Global, Sequoia China, and Coinbase, are among the main investors in the Amber Group.
Colin Wu stated that Sony’s acquisition of Amber represents a strategic expansion into the crypto exchange sector, utilizing its robust market position.
It will be intriguing to observe whether Sony is able to reverse the trend for the crypto exchange.
The Japanese Yen’s significant devaluation and the Bank of Japan’s monetary policies have rapidly transformed Japan’s crypto landscape in recent months. The Japanese Yen experienced its lowest levels last week, which enco
raged increased the number of investors who adopted a Bitcoin strategy.
Like Microstrategy, Japanese organizations such as Metaplanet have initiated the integration of Bitcoin into their treasury. Metaplanet has disclosed its intention to acquire Bitcoins valued at $7 million through the bond sale.
Metaplanet is also fortifying its position in the cryptocurrency market by establishing a new subsidiary in the British Virgin Islands.
This action is a component of its overarching strategy to improve its Bitcoin investment approach and augment its reserves, consistent with its long-term financial objectives.
