Sony Group, a Japanese conglomerate recognized for video games, music, and cameras, has formally entered the crypto trade market with the acquisition of Amber Japan, in accordance with crypto reporter Wu Blockchain. Amber Japan, beforehand often known as DeCurret, is the Japanese subsidiary of the worldwide Amber Group, offering regulated digital asset buying and selling providers.
Unique: Sony Group, considered one of Japan’s largest corporations, has acquired Amber Japan, formally coming into the crypto trade discipline. Sony’s companies embody video games, music, cameras, and so on., with a market worth of greater than $100 billion. Singapore market maker Amber Group acquired… pic.twitter.com/XOHFIUmKtJ
— Wu Blockchain (@WuBlockchain) July 1, 2024
In accordance with a press launch printed by PR Instances on Monday, Amber Japan, which operates the crypto buying and selling service WhaleFin, has modified its identify to S.BLOX. The WhaleFin platform is scheduled for future renewals, together with a redesigned UI display screen and a new, easier-to-use cellular app. The renewals may even increase the supported currencies and capabilities.
Amber Group expanded its operations to Japan by the acquisition and rebranding of the Japanese crypto trade DeCurret to Amber Japan in 2022. The corporate, nonetheless, confronted monetary troubles resulting from a few of its buying and selling capital publicity to the now-defunct crypto trade FTX.
Following the FTX saga, Amber Group pivoted its fundraising plans and raised a $300 million Sequence C spherical in December 2022. The spherical was led by Fenbushi Capital, with participation from notable backers like Temasek, Sequoia China, Pantera, Tiger, and Coinbase. Amber Group stated the funding would assist defend prospects who misplaced cash because of the FTX collapse.
The most recent transfer comes as a part of Sony’s technique to diversify its portfolio, which already boasts a market worth exceeding $100 billion. Sony has been exploring the usage of non-fungible tokens (NFTs) and blockchain in gaming for the previous few years.
In March 2023, Sony filed a patent for an “NFT Framework for Transferring and Utilizing Digital Property Between Video games Platforms”. This outlines a system for utilizing NFTs cross-platform, together with options like NFT-locked gameplay, limited-use in-game duties, and rewarding gamers with NFTs.
It is a growing story. We’ll give updates on the scenario as we be taught extra.
