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Japanese Tech Giant Sony Enters Crypto Exchange Business With This Acquisition

Sony has reportedly acquired crypto exchange amber Japan which has been facing major issues since the fall of FTX in 2022.
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Japanese Tech Giant Sony Enters Crypto Exchange Business With This Acquisition

Highlights

  • Japanese tech giant Sony has entered the cryptocurrency market by acquiring Amber Japan.
  • Amber Japan was facing key troubles ever since the collapse of FTX in 2022.
  • Amber Group had to undergo a debt-to-equity transaction with Fenbushi Capital.

In the latest development, Japanese tech giant Sony has made a silent move into the crypto industry by acquiring crypto exchange Amber Japan. The Sony Group, a $100 billion conglomerate, now expands its business into crypto in addition to music, games, cameras, etc.

Sony’s Foray Into Crypto Industry

In his exclusive report, Chinese crypto reported Colin Wu reports that Amber Group stepped into the crypto space when the Singapore-based market maker Amber acquired Japan’s regulated crypto trading platform DeCurret in early 2022. Later, the Singapore-based group rebranded the firm as Amber Japan.

However, with the collapse of FTX in late 2022, Amberg Group started facing major financial difficulties and had to reportedly undergo a debt-to-equity transaction with Fenbushi Capital.

Some of the key investors in the Amber Group include notable entities such as Pantera Capital, Temasek, Tiger Global, Sequoia China, and Coinbase. Colin Wu reported that the acquisition of Amber by Sony signifies a strategic expansion into the crypto exchange field while leveraging its strong market position. It will be interesting to see whether Sony manages to turn the tide for the crypto exchange.

Also Read: BitFlyer Exchange Plans To Acquire FTX Japan

Japan’s Emerging Crypto Landscape

Japan’s crypto landscape has been changing pretty fast recently due to the major devaluation of the Japanese Yen and some monetary policies by the Bank of Japan. Last week, the Japanese Yen dropped to its lowest levels thereby driving more investors to adopt a Bitcoin strategy.

Similar to Microstrategy, Japanese firms like Metaplanet have started making Bitcoin a part of their treasury. Through the bond sale, Metaplanet has announced its plans to buy $7 million worth of Bitcoins.

Metaplanet is also bolstering its presence in the cryptocurrency market by establishing a new subsidiary in the British Virgin Islands. This move is part of its broader strategy to enhance its Bitcoin investment approach and increase its Bitcoin reserves, aligning with its long-term financial goals.

Also Read: Aptos Collaborates With Alibaba to Transform Asia’s Web3 Landscape

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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