Sony Group has made a significant move by acquiring Amber Japan, a regulated Japanese crypto trading platform. This acquisition underscores Sony’s commitment to diversifying its vast portfolio.
On June 1, 2024, reporter Colin Wu posted on X (formerly Twitter) about the acquisition of the 100-billion company Sony, which has a diverse range of interests including gaming, music, and cameras.
Exclusive: Sony Group, one of Japan’s largest companies, has acquired Amber Japan, officially entering the crypto exchange field. Sony’s businesses include games, music, cameras, etc., with a market value of more than $100 billion. Singapore market maker Amber Group acquired… pic.twitter.com/XOHFIUmKtJ
— Wu Blockchain (@WuBlockchain) July 1, 2024
Amber Group, a Singapore-based market maker, acquired and rebranded DeCurret as Amber Japan earlier this year, indicating its strategy to expand in Japan. In February 2022, Amber Group raised $200 million, bringing its valuation to $3 billion. This funding round was led by Temasek, Sequoia China, Pantera Capital, and Tiger Global Management.
However, the collapse of FTX affected Amber Group, leading to losses in trading capital. In response, Amber Group launched a $300 million Series C funding round in December 2022, led by Fenbushi Capital and including investors such as Temasek, Sequoia China, Pantera, Tiger, and Coinbase. The goal was to help customers affected by the FTX collapse.
Sony’s acquisition of Amber Japan marks its official entry into the cryptocurrency exchange market, aligning with its strategy to diversify business operations. Recently, Sony has been exploring blockchain technology and non-fungible tokens (NFTs) in gaming.
In March 2023, Sony patented an NFT framework for transferring and using digital assets across gaming platforms. This patent covers cross-platform NFT usage, NFT-locked actions and gameplay, limited-use tasks, and in-game NFT rewards.