Tech
Japanese tech giant Sony enters the cryptocurrency exchange business with this acquisition
In the latest development, Japanese tech giant Sony has quietly stepped into the cryptocurrency industry by acquiring cryptocurrency exchange Amber Japan. Sony Group, a $100 billion conglomerate, is now expanding its cryptocurrency business beyond music, gaming, cameras, etc.
Sony’s foray into the cryptocurrency sector
In his exclusive report, Chinese crypto reporter Colin Wu reports that Amber Group entered the cryptocurrency industry when Singapore-based market maker Amber acquired Japan-regulated cryptocurrency trading platform DeCurret in early 2022. Subsequently, the Singapore-based group has rebranded the company as Amber Japan.
However, with the collapse of FTX At the end of 2022, Amberg Group began to face severe financial difficulties and reportedly had to undergo a debt-for-equity transaction with Fenbushi Capital.
Amber Group’s key investors include Pantera Capital, Temasek, Tiger Global, Sequoia China, and Coinbase. Colin Wu said that Sony’s acquisition of Amber represents a strategic expansion into the cryptocurrency exchange space while leveraging its strong market position. It will be interesting to see whether Sony can turn the tide of the cryptocurrency exchange.
Exclusive: Sony Group, one of the largest Japanese companies, has acquired Amber Japan, officially entering the field of cryptocurrency exchanges. Sony’s businesses include games, music, cameras, etc., with a market value of more than $100 billion. Singaporean market maker Amber Group has acquired… pic.twitter.com/XOHFIUmKtJ
— Wu Blockchain (@WuBlockchain) July 1, 2024
Read also: BitFlyer plans to acquire FTX Japan
The Emerging Cryptocurrency Landscape in Japan
The crypto landscape in Japan has changed quite rapidly recently due to the sharp devaluation of the Japanese yen and some monetary policies by the Bank of Japan. Last week, the JPY
has dropped to all-time lows, thus prompting more investors to adopt a Bitcoin strategy.
Similar to Microstrategy, Japanese companies like Metaplanet have started making Bitcoin a part of their treasury. Through the sale of bonds, Metaplanet announced its plan to buy $7 million worth of Bitcoin.
Metaplanet is also strengthening its presence in the cryptocurrency market by establishing a new subsidiary in British Virgin IslandsThis move is part of his broader strategy to improve his approach to Bitcoin investing and increase his Bitcoin reserves, aligning with his long-term financial goals.
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