Technology giant Sony made a surprise entry into the cryptocurrency industry by purchasing the cryptocurrency exchange Amber Japan. Sony Group, a $100 billion giant, currently operates in areas such as music, games and cameras, and is now stepping into the crypto market.
Sony’s step into the cryptocurrency industry attracted attention
Singapore-based market maker Amber Group entered the crypto space by acquiring Japan’s regulated crypto trading platform DeCurret in early 2022, Chinese crypto journalist Colin Wu reported in his exclusive report. Later, the Singapore-based group rebranded the company as Amber Japan. However, with the collapse of FTX in late 2022, Amber Group faced serious financial difficulties and was reportedly forced to undertake a debt-equity conversion with Fenbushi Capital.
Amber Group’s investors include important names such as Pantera Capital, Temasek, Tiger Global, Sequoia China and Coinbase. Colin Wu reports that Sony’s acquisition of Amber is a strategic expansion into the crypto exchange space, leveraging its strong market position. It will be interesting to see if Sony can reverse the course of the crypto exchange.
Crypto space is developing in Japan
The country’s crypto landscape has been changing rapidly lately due to the significant depreciation of the Japanese Yen and some monetary policies of the Bank of Japan. Last week, the Japanese Yen fell to its lowest levels, prompting more investors to adopt a Bitcoin investment strategy. As we reported as Kriptokoin.com, Japanese companies such as Microstrategy-like Metaplanet have also started to make Bitcoin a part of their treasury. Metaplanet announced plans to purchase $7 million worth of Bitcoin through a bond sale.
Metaplanet is also strengthening its presence in the cryptocurrency market by establishing a new subsidiary in the British Virgin Islands. The move is part of its broader strategy to improve its Bitcoin investment approach and align it with its long-term financial goals by increasing its Bitcoin reserves. The reasons behind Sony’s move are not yet clear. Additionally, Sony’s success in the cryptocurrency market is still uncertain. The crypto market is volatile and unpredictable. Additionally, Amber Group’s financial situation after the FTX crash remains unclear.
However, according to some, Sony’s strong brand equity and technological expertise could help it succeed in the cryptocurrency exchange industry. In conclusion, Sony’s acquisition of Amber Japan is an indicator of the developments in Japan’s cryptocurrency market and the increasing interest of traditional companies in this sector. Although the future of the crypto market is uncertain, this step by Sony may pave the way for interesting developments in the sector in the coming years.
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