Sony steps into crypto market with Amber Japan acquisition
Sony steps into crypto market with Amber Japan acquisition
Sony acquired Amber Group's Japanese unit, Amber Japan, which is part of Sony's broader efforts to establish a foothold in the digital asset market.
Amber Group, a prominent digital asset firm, originally acquired DeCurret Inc., a registered crypto-asset exchange service provider in Japan, rebranding it as Amber Japan, The Block reported. This unit will now serve as Sony's gateway into the digital finance ecosystem, leveraging Amber Group's well-established platform, WhaleFin.
WhaleFin, Amber Group's flagship digital asset platform, offers comprehensive services for both institutional and retail investors. It is designed to facilitate seamless access to digital assets and crypto finance, providing advanced investing tools and trading functions. This platform will now be integrated into Sony's suite of services.
On July 1st, WhaleFin was renamed as S.BLOX Co. The platform plans to team up with Sony Group’s other businesses to create more value for its crypto trading services.
The acquisition comes amidst Amber Group's strategic shift towards focusing on institutional clients, driven by the strict regulatory environment in Japan. Amber had been contemplating the sale of its Japanese subsidiary to streamline its operations and concentrate on markets with more favorable regulatory landscapes, such as Hong Kong.
This move by Sony is indicative of the increasing interest from traditional tech giants in the crypto space.
As digital assets gain mainstream acceptance, companies like Sony are positioning themselves to capitalize on this trend by integrating advanced crypto platforms into their service offerings.
See also: KuCoin launches VSYS trading campaign
