tl;dr
Japanese tech giant Sony has silently entered the crypto industry by acquiring crypto exchange Amber Japan. The $100 billion conglomerate expands its business into crypto, following its acquisition of Japan's regulated crypto trading platform DeCurret, rebranded as Amber Japan. Financial difficultie...
Japanese tech giant Sony has made a strategic move into the crypto exchange industry by acquiring crypto exchange Amber Japan. This $100 billion conglomerate expands its business into crypto, following its acquisition of Japan's regulated crypto trading platform DeCurret, rebranded as Amber Japan. Financial difficulties arose with the collapse of FTX, leading Amber Group to undergo a debt-to-equity transaction with Fenbushi Capital. Notable investors in Amber Group include Pantera Capital, Temasek, Tiger Global, Sequoia China, and Coinbase. Sony's acquisition of Amber signifies a strategic expansion into the crypto exchange field.
Japan's crypto landscape is rapidly changing due to the devaluation of the Japanese Yen and monetary policies by the Bank of Japan, leading firms like Metaplanet to adopt Bitcoin as part of their treasury. Metaplanet plans to buy $7 million worth of Bitcoins and establish a new subsidiary in the British Virgin Islands to bolster its presence in the cryptocurrency market.
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.
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.
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.