Monday, July 22, 2024

Sony Enters Crypto Exchange Arena with Acquisition of Amber

Sony Group, the Japanese conglomerate renowned for its gaming, music, and camera prowess, has officially entered the crypto exchange market.

According to crypto reporter Wu Blockchain, Sony has acquired Amber Japan, a regulated digital asset trading service provider.

Amber Japan, previously known as DeCurret, is the Japanese subsidiary of the global Amber Group.

This acquisition marks Sony’s significant step into the burgeoning world of cryptocurrency.

Amber Group’s Journey and Challenges

Amber Group, a global digital asset company, expanded its operations into Japan by acquiring and rebranding the Japanese crypto exchange DeCurret to Amber Japan in 2022.

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However, the company faced substantial financial challenges due to its trading capital exposure to the now-defunct crypto exchange FTX.

According to Crypto Briefing reports, The collapse of FTX prompted Amber Group to pivot its fundraising strategy, leading to a successful $300 million Series C round in December 2022.

Fenbushi Capital led this round, which also saw participation from notable investors such as Temasek, Sequoia China, Pantera, Tiger, and Coinbase.

The funds were aimed at protecting customers who lost money due to the FTX debacle.

Sony’s Blockchain and NFT Ambitions

Sony’s acquisition of Amber Japan is part of its broader strategy to diversify its portfolio, which already boasts a market value exceeding $100 billion.

For several years, the company has been exploring the potential of non-fungible tokens (NFTs) and blockchain technology in gaming.

In March 2023, Sony filed a patent for an “NFT Framework for Transferring and Using Digital Assets Between Games Platforms.”

This patent outlines a system for using NFTs across different platforms, including features like NFT-locked gameplay, limited-use in-game tasks, and rewarding players with NFTs.

This move into the crypto exchange market aligns with Sony’s vision of integrating blockchain technology into its diverse range of products and services.

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Divya is a Senior Journalist at GBhackers covering Cyber Attacks, Threats, Breaches, Vulnerabilities and other happenings in the cyber world.

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