Sony Group Enters Cryptocurrency Exchange Sphere with Acquisition of Amber Japan

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            <li>The Sony Group has marked its foray into the arena of cryptocurrency exchanges through the purchase of Amber Japan.</li>
            <li>Post-FTX debacle, Amber Japan partook in a rumored debt-for-equity swap to stabilize its financial situation.</li>
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    <p>The Sony Group, Japan's illustrious multinational conglomerate recognized for its involvement in gaming, music, and photography, has formally stepped into the cryptocurrency exchange sphere through its acquisition of Amber Japan, as reported by crypto analyst Wu Blockchain. Amber Japan, previously operating under the name DeCurret, acts as the Japanese arm of the international Amber Group, offering legally-compliant digital asset trading services.</p>
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        <p lang="en" dir="ltr">Exclusive: one of the titans of corporate Japan, the Sony Group, has secured ownership of Amber Japan, cementing its presence in the crypto exchange domain. Sony's diverse business interests span gaming, music, cameras, etc., boasting a valuation north of $100 billion. Acquired by Singapore-based market maker Amber Group...</p>
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    <p>With ambitions to expand into the Japanese market, the Amber Group took over and rebranded the Japanese crypto platform DeCurret, turning it into Amber Japan during 2022. The entity, however, encountered financial strain attributed to its exposure to the collapsed FTX exchange.</p>
    <p>In the wake of FTX's downfall, Amber Group switched its capital-raising strategies and secured a $300 million Series C investment in December of that year. Entities like Fenbushi Capital spearheaded the fundraising effort, alongside notable investors such as Temasek, Sequoia China, Pantera, Tiger Global, and Coinbase Ventures. Amber Group indicated that these funds would be allocated towards reimbursements for customers who suffered losses from the FTX implosion.</p>
    <p>Sony's latest endeavor aligns with its strategic vision to diversify its vast portfolio, already esteemed at over $100 billion in market value. Previously, Sony has proactively explored potential applications for non-fungible tokens (NFTs) and blockchain in its gaming sector.</p>
    <p>In March 2023, Sony took an initiative to safeguard its innovations by filing a patent titled "NFT Framework for Transferring and Using Digital Assets Between Games Platforms," highlighting a system intended to enable cross-platform utilization of NFTs. The patent details uses such as in-game content unlocked by NFTs, one-time mission completions, and NFT rewards for players.</p>
    <p><em>We will continue to report further details as this story unfolds.</em></p>

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