Thanks to this acquisition, Japanese technology giant Sony is entering the cryptocurrency exchange market

In the latest development, Japanese tech giant Sony has made a quiet move in the cryptocurrency industry by acquiring cryptocurrency exchange Amber Japan. Sony Group, a $100 billion conglomerate, is now expanding into cryptocurrencies in addition to music, games, cameras, etc.

Sony enters the cryptocurrency market

In his exclusive report, Chinese cryptocurrency expert Colin Wu reports that Amber Group entered the cryptocurrency market when Singaporean market maker Amber acquired regulated Japanese cryptocurrency trading platform DeCurret in early 2022. The Singaporean group later changed the company’s name to Amber Japan.

However, with the collapse of FTX in late 2022, Amberg Group began to face serious financial difficulties and was reportedly forced to undergo a debt-for-equity transaction with Fenbushi Capital.

Some of the key investors in Amber Group include well-known names such as Pantera Capital, Temasek, Tiger Global, Sequoia China, and Coinbase. Colin Wu reported that Sony’s acquisition of Amber marks a strategic expansion into the cryptocurrency exchange market, while leveraging its strong market position. It will be interesting to see if Sony can turn the tide of the cryptocurrency exchange around.

Exclusive: Sony Group, one of Japan’s largest companies, has acquired Amber Japan, officially entering the cryptocurrency exchange market. Sony’s businesses include games, music, cameras, etc., with a market value of over $100 billion. Singaporean market maker Amber Group has acquired… pic.twitter.com/XOHFIUmKtJ

— Wu Blockchain (@WuBlockchain) July 1, 2024

Read also: BitFlyer exchange plans to take over FTX Japan

Japan’s Emerging Crypto Landscape

The cryptocurrency landscape in Japan has been changing quite rapidly recently due to the significant devaluation of the Japanese yen and some of the monetary policies pursued by the Bank of Japan. Last week the Japanese yen

has dropped to its lowest level, thus encouraging more investors to adopt the Bitcoin strategy.

Like Microstrategy, Japanese companies like Metaplanet have begun to include Bitcoin in their treasury. Through a bond sale, Metaplanet announced plans to buy $7 million worth of Bitcoin.

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

Also Read: Aptos Partners with Alibaba to Transform Web3 Landscape in Asia