Sony Group, a Japan-based tech company, has concluded the purchase of Amber Japan, a crypto exchange firm, thus making its first appearance formally into the competitive crypto market.
Notably, Sony Group is one of the largest companies in Japan, worth over $100 billion by market value; it boasts a business portfolio ranging from games (creator of PlayStation) to cameras to music, with crypto asset trading most recently added to the list by its latest company acquisition.
Exclusive: Sony Group, one of Japan's largest companies, has acquired Amber Japan, officially entering the crypto exchange field. Sony's businesses include games, music, cameras, etc., with a market value of more than $100 billion. Singapore market maker Amber Group acquired… pic.twitter.com/XOHFIUmKtJ
— Wu Blockchain (@WuBlockchain) July 1, 2024
Sony Group and Amber Japan History
Amber Group, a tech company based in Singapore, purchased Decurrent, a platform for trading virtual assets in 2022. This acquisition ushered the company into the Japanese crypto space through the establishment of its Japanese branch - Amber Japan.
Following the folding of FTX Japan that same year, Amber Group encountered financial troubles that saw it scratch out only $300 million in one of FTX Japan's series of funding rounds, as opposed to its initial $3 billion valuation.
Amber Group thus decided to close its Japanese subsidiary to reduce its business scope. The strict regulatory conditions in Japan also contributed to this decision and the sale of Amber Japan to Quetta Web, a subunit of Sony Group.
Sony's Projects
Also Noteworthy is that the tech company first engaged with NFTs in 2023 and patented the use of virtual assets in linking gaming networks. They also developed new features like NFT-centered gameplay, in-game NFT rewards for tasks, and other innovations.
Sony Network Communications, in conjunction with Startale Labs, is building a blockchain network, paving the way for future Web3 Innovations and gaming projects.
Sony Group's market reputation is an already established credibility treasure. A crypto exchange owned and operated by Sony would likely attract more gamers to the crypto space, thus increasing the population of virtual asset investors, especially in gaming projects.
