- Sony’s latest endeavor comes after Amber Group bought the Japanese cryptocurrency exchange DeCurret.
- By purchasing Amber Japan, Sony Group has formally joined the cryptocurrency exchange industry.
- After FTX collapsed, Amber Japan was interested in a suspected debt-to-equity deal.
According to Wu Blockchain, a crypto reporter, Sony Group, a Japanese corporation best known for video games, music, and photography, has formally joined the cryptocurrency exchange industry with the purchase of Amber Japan. The Japanese division of the international Amber Group, formerly known as DeCurret, offers regulated services for digital asset trading.
By purchasing and renaming the Japanese cryptocurrency exchange DeCurret as Amber Japan in 2022, the Amber Group extended its operations into the country. However, the company’s connection to the now-defunct cryptocurrency exchange FTX for a portion of its trading capital caused financial difficulties.
Amber Group changed course and raised a $300 million Series C financing in December 2022 after FTX collapsed. Fenbushi Capital led the round, and prominent backers including Temasek, Sequoia China, Pantera, Tiger, and Coinbase also participated. Customers who lost money as a result of the FTX collapse, according to Amber Group, would benefit from the investment.
The most recent action is a component of Sony’s aim to diversify its holdings, which are currently valued at more than $100 billion on the market. For the past few years, Sony has been investigating the application of blockchain technology and non-fungible tokens (NFTs) in the gaming industry.
Sony submitted a patent application in March 2023 for an NFT Framework for Digital Asset Transfer and Utilization Across Gaming Platforms. This describes a cross-platform NFT system that includes NFT-locked gameplay, time-limited in-game chores, and NFT rewards for players.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
