Sony Group, the household name in games, music, and cameras today, has officially entered the crypto exchange markets by acquiring Amber Japan. Amber Japan is the Japanese subsidiary of Amber Group, the global digital asset platform previously known as DeCurret. The acquisition’s impact is a significant step for Sony as it makes stronger inroads into the digital asset market, which has been growing at an exponential rate.
Under the terms of the acquisition, Sony will acquire Amber Japan (now rebranded as S.BLOX), which operates the WhaleFin crypto trading service, and upgrade it with several new tools. Upcoming upgrades to the WhaleFin platform will include a new, more user-friendly mobile app and a revamped user interface. A wider range of currencies and features will also be made available with the updates.
In 2022, Amber Group faced a financial downturn due to its involvement with the now-bankrupt FTX exchange they initially bought over DeCurret. However, the company pivoted well to raise $300 million in Series C funding led by Fenbushi Capital, which included participation from key investors like Temasek, Sequoia China, and Coinbase.
Sony’s acquisition comes as it continues to explore blockchain and NFT technology.
Michael Wu, Amber Group’s Global Chief Executive Officer, stated that this acquisition establishes the groundwork for us to continue fostering user confidence in crypto assets by facilitating accessibility and convenience, thereby opening a new chapter in the Japanese crypto finance industry.
Amber Group is one of the fastest-growing global crypto asset firms, and President and CEO of DeCurret Holdings, Inc. Kazuhiro Tokita expressed his joy at having them take over the DeCurret mission and his hopes for the Amber Group’s sustained expansion and success in the Japanese market.
In addition to the acquisition, the company is developing an NFT Framework for the Transfer and Utilization of Digital Assets Between Game Platforms, which indicates its intention to incorporate advanced digital asset capabilities into its products. In an era of accelerated change, Sony’s decision to enter the digital currency exchange market is anticipated to fortify its innovation capabilities for future development.