Report: Sony Group Set to Enter Cryptocurrency Exchange Market Through Acquisition of Amber Japan
The electronics and entertainment behemoth Sony Group from Japan is reportedly gearing up to launch a cryptocurrency exchange in its domestic market.
Accordingly to Colin Wu, who covers blockchain, Sony Group has secured ownership of Amber Japan, a subsidiary of the cryptocurrency enterprise Amber Group. Wu’s information is available here.
“Initially, the Singapore-based Amber Group took over a licensed Japanese crypto exchange known as DeCurret in the early phase of 2022, rebranding it as Amber Japan. However, Amber Group encountered difficulties following the FTX meltdown, leading to speculation about a conversion of debt into equity with Fenbushi. Prominent names among Amber Group’s backers are Temasek, Sequoia China, Pantera, Tiger, Coinbase, and others.”
The recent acquisition by Sony Group coincides with the rebranding of Amber Japan’s crypto trading platform, WhaleFin, now known as S.BLOX, details of which were shared in a press announcement. The service is set to receive a makeover and an extension of cryptocurrencies it supports.
“August 2023 saw Quetta Web Co., Ltd. (wholly owned by Sony Group Corporation) take charge of S.BLOX Co., Ltd., continuing to offer cryptocurrency trading services. As part of the Sony Group, plans are to collaborate with the wide array of the group’s business lines to bring innovative value to crypto trading services.”
Prior to these developments, over two years ago, Sony Group funneled a staggering $1 billion into Epic Games, assisting the gaming colossus in its pursuit of creating the metaverse. Sony Group’s CEO, Kenichiro Yoshida, commented on the investment:
“Sony, as an organization fueling creative entertainment, is excited about this injection of funds into Epic to intensify our bonds within the emergent metaverse landscape—a realm where users and creators converge. We’re also optimistic that merging Epic’s high-caliber technology and game engine with Sony’s tech innovations will propel our diverse endeavors, such as the development of novel digital experiences for sports fans and initiatives in virtual production.”
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