Tech
Sony’s Crypto Debut: Tech Giant Acquires Amber Japan in Major Move
- Sony acquires Amber Japan, marking its entry into the cryptocurrency exchange market.
- Sony’s acquisition boosted its stock price, Bitcoin ETF inflows, and BTC price action.
Japanese multi-industry giant Sony has announced the acquisition of leading cryptocurrency firm Amber Japan, marking the company’s entry into the cryptocurrency space.
Sony’s Cryptocurrency Debut
According to a Press release Released on July 1st, Amber Japan, now under the Sony umbrella, has rebranded and renamed to S.BLOX.
According to the translation of the report,
“Amber Japan Co., Ltd. (Headquarters: Minato-ku, Tokyo, President: Jun Watanabe), which operates the cryptocurrency trading service “WhaleFin”, changed its name to S.BLOX Co., Ltd. on July 1, 2024.”
He further stated:
“As a member of the Sony Group, we will work to create new added value in cryptocurrency trading services by collaborating with the Group’s various businesses.”
The news was met with optimism, underscoring the growing adoption and interest in cryptocurrencies by major companies.
Impact on Bitcoin
Subsequently, soon after the news broke, BTC managed to reach the $63,000 mark, after fluctuating between $59,000 and $62,000 for several days.
However, this rally was short-lived, with BTC trading at $62,738 at the time of writing. However, the MACD indicator, about to cross the signal line, indicates a potential bullish momentum ahead.
Source: TradingView
Furthermore, after several days of minimal inflows and outflows, BTC ETFs finally recorded significant inflows of $129.5 million on July 1, according to Farside Investors.
Source: Farside Investors
What impact did this have on Sony’s stock price?
This news also had a positive impact on Sony’s stock price. According to Google Finance data, the company’s shares were up 1.53% at the time of writing.
Source: Google Finance
It goes without saying that Sony chose Japan for its cryptocurrency debut because the country has become a leading market for Bitcoin, thanks to proactive regulation and high consumer awareness.
This makes Japan the ideal place for Sony to launch and expand its services.
Commenting on the same, Simon Dixon, CEO of BankToTheFuture.com said,
Source: Simon Dixon/X