Sony acquires Amber Japan and officially enters the cryptocurrency industry

According to the crypto journalist Wu Blockchain, one of Japan's largest companies, Sony Group, has acquired Amber Japan for billions of yen, officially entering the crypto trading sector. This move is part of Sony's strategy to diversify its investment portfolio, which already has a market value exceeding $100 billion across various sectors like gaming, cameras, and music.

What is Amber Japan?

Amber Japan, formerly DeCurret, is a licensed cryptocurrency exchange operator in Japan. DeCurret was one of the 30 Crypto Asset Exchange Service Providers (CAESP) registered with Japan's Financial Services Agency (FSA).

Despite operating for three years, it had not been profitable and was acquired by Singaporean market maker Amber Group in early 2022, becoming Amber Japan.

Following the FTX incident, Amber Group faced significant challenges and reached a debt-equity swap agreement with Fenbushj. Investors in Amber Group include Temasek, Sequoia China, Pantera, Tiger, and Coinbase. Yijin Li has resigned as Amber Japan's representative, and Jun Watanabe, President of Sony Network Communications Inc., is now the company's representative after the acquisition.

What is Amber Group?

Amber Group is a leading digital asset platform with a market value exceeding $12 billion. Operating globally with offices in Asia, Europe, and the Americas, Amber Group provides comprehensive digital asset services encompassing investment, financing, and trading to over 1,000 institutional clients and a growing number of individual investors.

Amber Group's Financing

Amber Group has raised nearly $630 million across three funding rounds:

• Series A: $28 million, led by Paradigm and Pantera Capital.
• Series B: $100 million, funded by various prominent financial and venture capital firms, including Huaxing Capital, Tiger Brokers, Tiger Global Management, Arena Holdings, Tru Arrow Partners, Sky9 Capital, DCM Ventures, and Gobi Partners. This round brought Amber Group's market valuation to $1 billion.
• Series B+: $200 million, led by Temasek, with existing shareholders like Sequoia China, Pantera Capital, Tiger Global Management, Tru Arrow Partners, and Coinbase Ventures. The company's valuation reached $3 billion after this investment.
• Series C: $300 million, led by Fenbushi Capital US.

Sony's Foray into Cryptocurrency

Sony's acquisition of Amber Japan marks a strategic move to strengthen its position in the digital asset and cryptocurrency market.

By leveraging Amber Group's expertise in digital wealth management and trading, Sony aims to enhance its fintech offerings.

This acquisition aligns with Sony's broader strategy to diversify its business portfolio and capitalize on the growing interest in digital assets, potentially positioning Sony as a significant player in the fintech and cryptocurrency sectors.