Sony Buys Amber’s Japan Unit to Enter the Crypto Market: Reports

As an experienced financial analyst with a focus on the crypto industry, I see this deal between Sony and Amber Japan as a significant move for both parties. Although the specifics of the agreement have yet to be disclosed, it is clear that Sony is making a strategic play to enter the crypto market.

According to various news outlets reporting in the crypto industry, Sony Corporation, a major tech company based in Japan, has recently completed a purchase of Amber Japan – a local cryptocurrency exchange. This move is intended to enable Sony to establish a presence in the crypto market.

Wu Blockchain initially reported the deal, which was later substantiated by the Block.

The terms of the deal were undisclosed.

Sony has previously explored Web 3 through investments and collaborations. However, its newest agreement signifies the console giant’s significant entry into the crypto sphere. Previously, Sony joined forces with Astar Network for a Web3 startup program and submitted a patent application for facilitating NFT transfers between distinct games and devices.

In the year 2022, crypt Finance company Amber Group acquired Amber Japan, previously named DeCurret, and subsequently rebranded it under their umbrella. The acquisition was facilitated by Amber Group’s local subsidiary, WhaleFin Holdings Japan.

Sony and Amber were not immediately available for comment.

In the previous year, according to a report by Bloomberg, it came to light that Amber Group, headquartered in Hong Kong, was contemplating offloading its Japanese subsidiary as a result of Japan’s stringent regulations.