Japanese technology conglomerate Sony Group has acquired Amber Japan, officially debuting in the cryptocurrency exchange arena. According to journalist and blockchain blogger Colin Wu, Singapore-based Amber Group entered the Japanese cryptocurrency market in 2022 with the acquisition of digital asset trading platform DeCurret.
Last year, the company said it would cut back on its mass-consumer efforts and less important business lines to focus on core business areas.
As a result, the company was considering a potential sale of its Japanese subsidiary in April 2023. The company applied for a license to Hong Kong after the city-state’s move toward creating a cryptocurrency-friendly hub.
Japan is “a very high-quality market, but the regulations are strict,” Annabelle Huang, Amber’s managing partner, told Bloomberg at the time. “The regulatory scene in Hong Kong has been very optimistic for us as we prepare to apply for a license.”
Sony’s acquisition of Amber Group’s Japanese subsidiary
The recent acquisition of Amber Group’s Japanese subsidiary is part of Sony’s plan to diversify its portfolio. The technology giant, which has a market value of more than $100 billion, already has businesses including games, music and cameras.
In addition, in March 2023, Sony ventured into non-fungible tokens (NFT) by filing a patent for the NFT platform. The outline concerned the transfer and use of digital assets between game platforms.
This framework has the potential to significantly impact the gaming industry, allowing gamers to securely trade cryptocurrencies across platforms and games.
Moreover, Sony’s crypto debut is expected to bring significant progress and greater credibility to the market. It underscores the tech giant’s commitment to implementing digital financial innovations at a time when cryptocurrencies are showing an increased growth trend.