Tech
Japanese tech giant Sony enters the cryptocurrency exchange business with this acquisition
In the latest development, Japanese tech giant Sony has made a quiet move into the cryptocurrency industry by acquiring cryptocurrency exchange Amber Japan. Sony Group, a $100 billion conglomerate, now expands its cryptocurrency business beyond music, games, cameras, etc.
Sony’s Foray into Cryptocurrency
In its exclusive report, the Chinese cryptocurrency exchange Colin Wu reported that Amber Group entered the cryptocurrency industry when Singapore-based market maker Amber acquired Japanese regulated cryptocurrency trading platform DeCurret in early 2022. The Singapore-based group later rebranded the company as Amber Japan.
However, with the collapse of the FTX in late 2022, Amberg Group began to face serious financial difficulties and reportedly had to undergo a debt-equity transaction with Fenbushi Capital.
Some of Amber Group’s major investors include notable entities such as Pantera Capital, Temasek, Tiger Global, Sequoia China, and Coinbase. Colin Wu reported that Sony’s acquisition of Amber represents a strategic expansion into the field of cryptocurrency exchanges while leveraging its strong market position. It will be interesting to see if Sony can turn the tide for cryptocurrency trading.
Exclusive: Sony Group, one of Japan’s largest companies, has acquired Amber Japan, officially entering the cryptocurrency exchange space. Sony’s businesses include games, music, cameras, etc., with a market value of over $100 billion. Singapore market maker Amber Group has acquired… photo.twitter.com/XOHFIUmKtJ
— Wu Blockchain (@WuBlockchain) July 1, 2024
Read also: BitFlyer Exchange Plans to Acquire FTX Japan
Japan’s emerging crypto landscape
The crypto landscape in Japan has changed quite rapidly recently due to the sharp devaluation of the Japanese yen and some monetary policies by the Bank of Japan. Last week, the JPY
has fallen to lower levels, thus pushing more investors to adopt a Bitcoin-based strategy.
Similar to Microstrategy, Japanese companies like Metaplanet have started making Bitcoin a part of their treasury. Through the sale of bonds, Metaplanet announced plans to purchase $7 million worth of Bitcoin.
Metaplanet is also strengthening its presence in the cryptocurrency market by establishing a new subsidiary in British Virgin Islands. This move is part of his broader strategy to improve his approach to Bitcoin investing and increase his Bitcoin reserves, in line with his long-term financial goals.
Read also: Aptos Partners with Alibaba to Transform Asia’s Web3 Landscape