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Sony Group makes a bold move into the crypto exchange market with acquisition of Amber Japan

Sony Group Acquires Amber Japan, Enters Crypto Exchange Markets

Sony Group Makes Bold Move into Crypto Exchange Markets with Acquisition of Amber Japan

Sony Group, a well-known name in the realms of games, music, and cameras, has made a significant foray into the world of digital assets by acquiring Amber Japan, the Japanese subsidiary of Amber Group. This move marks a pivotal moment for Sony as it strengthens its presence in the rapidly growing digital asset market.

The acquisition sees Sony taking over Amber Japan, now rebranded as S.BLOX, which operates the WhaleFin crypto trading service. Sony plans to enhance the platform with new tools, including a more user-friendly mobile app and a revamped user interface, as well as a wider range of currencies and features.

Amber Group faced financial challenges in 2022 following its involvement with the now-defunct FTX exchange, but successfully raised $300 million in Series C funding, led by Fenbushi Capital and with participation from key investors like Temasek, Sequoia China, and Coinbase.

Sony’s move into the crypto exchange market comes as the company explores blockchain and NFT technology. Michael Wu, Amber Group’s Global CEO, expressed confidence that the acquisition will enhance user trust in crypto assets and drive innovation in the Japanese crypto finance industry.

President and CEO of DeCurret Holdings, Inc., Kazuhiro Tokita, welcomed the acquisition, expressing optimism for the Amber Group’s continued growth and success in the Japanese market. In addition to the acquisition, Sony is developing an NFT Framework for the Transfer and Utilization of Digital Assets Between Game Platforms, signaling its commitment to incorporating advanced digital asset capabilities into its products.

As Sony embraces the digital currency exchange market, the company is poised to strengthen its innovation capabilities for future development in an era of rapid change.

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