Japanese Tech Giant Sony Enters Crypto Exchange Business With This Acquisition

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As a seasoned crypto investor, I’ve kept a close eye on the latest developments in the industry, especially those pertaining to Japan. The news of Sony’s acquisition of Amber Japan has piqued my interest for several reasons.

In a recent announcement, Sony Corporation, the Japanese tech titan with a market value of over $100 billion, has quietly entered the cryptocurrency sector by purchasing Amber Japan, a crypto exchange. This move signifies Sony’s expansion into the digital currency industry alongside its existing businesses such as music, games, and cameras.

Sony’s Foray Into Crypto Industry

In an exclusive piece for Chinese media, Colin Wu reveals that Amber Group entered the cryptocurrency sector by acquiring Japan’s licensed crypto trading platform DeCurret at the beginning of 2022. Subsequently, the Singapore-based company renamed it as Amber Japan.

As a researcher looking into the events of late 2022, I discovered that the downfall of FTX led to significant financial hardships for Amberg Group. To mitigate these issues, it appears that Amberg underwent a debt-to-equity conversion with Fenbushi Capital.

Among the prominent investors in Amber Group are recognized entities like Pantera Capital, Temasek, Tiger Global, Sequoia China, and Coinbase. According to Colin Wu’s report, Sony’s acquisition of Amber represents a strategic move into the crypto exchange sector, bolstering its existing market presence. It will be intriguing to observe how Sony impacts the crypto exchange market with this acquisition.

Sony Corporation, a major Japanese conglomerate with a market capitalization exceeding $100 billion and businesses encompassing gaming, music, and cameras among others, has made its entry into the crypto exchange sector through the acquisition of Amber Japan.

— Wu Blockchain (@WuBlockchain) July 1, 2024

Japan’s Emerging Crypto Landscape

As an analyst, I’ve noticed that Japan’s crypto market has been undergoing significant shifts in recent times. The primary cause of this change can be attributed to the substantial devaluation of the Japanese Yen and certain monetary policies implemented by the Bank of Japan. Last week, for instance, the value of the Yen reached record lows, prompting a surge in investor interest towards Bitcoin as a potential hedge against currency fluctuations.

As a researcher studying financial trends, I’ve noticed a growing trend among Japanese firms, including Metaplanet, to include Bitcoin in their corporate treasuries. Metaplanet recently disclosed its intention to invest in Bitcoin by announcing plans to purchase approximately 7 million dollars worth of the cryptocurrency following a successful bond sale.

I’m here to share that Metaplanet is amplifying its involvement in the cryptocurrency sector by launching a fresh subsidiary based in the British Virgin Islands. This strategic expansion is aligned with our ambition to upgrade our Bitcoin investment strategy and expand our Bitcoin reserves, all in line with our long-term financial objectives.

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2024-07-01 09:05