Crypto Quill

Sony Group, a Japanese conglomerate known for its games, music, and cameras, has officially stepped into the cryptocurrency exchange market. The company recently acquired Amber Japan, a regulated digital asset trading service provider. This strategic move marks Sony’s significant entry into the burgeoning world of cryptocurrency.

The Amber Japan Acquisition

Amber Japan, previously known as DeCurret, is the Japanese subsidiary of the global Amber Group. By acquiring Amber Japan, Sony aims to diversify its portfolio and tap into the growing crypto market. The acquisition represents a calculated step toward embracing blockchain technology and digital assets.

What Was Amber Japan?

Amber Japan expanded its operations to Japan through the acquisition and rebranding of the Japanese crypto exchange DeCurret to Amber Japan in 2022. However, Amber Japan faced financial challenges due to its exposure to the now-defunct crypto exchange FTX. Following the FTX collapse, Amber Group raised a $300 million Series C round in December 2022. This funding round was led by Fenbushi Capital, with participation from notable backers like Temasek, Sequoia China, Pantera, Tiger, and Coinbase. The funding was intended to protect customers who lost money due to the FTX collapse.

Payouts and Prominent Claimants

The payouts to creditors will be a mix of bitcoin and bitcoin cash. Many top claimants are prominent figures in the bitcoin world, including early bitcoin investor Roger Ver, Blockstream co-founders Adam Back and Greg Maxwell, and Bruce Fenton, former executive director of the Bitcoin Foundation.

Sony’s entry into the crypto exchange market signifies its commitment to innovation and adaptation. As the crypto landscape evolves, Sony’s strategic move positions it to explore new opportunities and contribute to the growth of the digital asset ecosystem.