Coin Edition -
- Sony enters crypto trading by acquiring Amber Japan, expanding its diverse $100B+ business portfolio.
- Amber Group’s resilience post-FTX collapse, securing $300M funding, underscores its strategic market maneuvers.
- Sony’s NFT exploration, highlighted by a 2023 patent, aligns with its Amber Japan acquisition for blockchain innovation.
Sony Group has entered the cryptocurrency trading platform sector with the acquisition of Amber Japan, a move that highlights the conglomerate’s commitment to diversifying its already extensive portfolio.
As noted on X (formerly Twitter) by reporter Colin Wu, Sony, with a market value exceeding $100 billion, has interests in gaming, music, and cameras.
Exclusive: Sony Group, one of Japan's largest companies, has acquired Amber Japan, officially entering the crypto exchange field. Sony's businesses include games, music, cameras, etc., with a market value of more than $100 billion. Singapore market maker Amber Group acquired… pic.twitter.com/XOHFIUmKtJ— Wu Blockchain (@WuBlockchain) July 1, 2024
Earlier this year, Singapore-based market maker Amber Group acquired and rebranded the regulated Japanese cryptocurrency trading platform DeCurret as Amber Japan, signaling Amber Group’s strategy to expand its operations in Japan.
Amber Group raised $200 million in February 2022, reaching a valuation of $3 billion. The round was led by Temasek, Sequoia China, Pantera Capital, and Tiger Global Management.
However, Amber Group was impacted by the recent FTX collapse, losing trading capital in the defunct exchange. In response, Amber Group initiated a $300 million Series C round in December 2022, led by Fenbushi Capital with participation from Temasek, Sequoia China, Pantera, Tiger, and Coinbase (NASDAQ:COIN). The funds were intended to assist customers who suffered losses due to FTX’s downfall.
Sony’s acquisition of Amber Japan solidifies its entry into the cryptocurrency exchange arena. This move aligns with Sony’s broader strategy to diversify its business operations. In recent years, Sony has explored the use of non-fungible tokens (NFTs) and blockchain technology in gaming.
For instance, in March 2023, Sony patented an NFT Framework for Transferring and Using Digital Assets Between Games Platforms. This patent specifically addresses cross-platform NFT usage, NFT-locked actions and gameplay, limited-use tasks, and in-game NFT rewards.
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