From PlayStation to Crypto: Sony Acquires Amber Japan, Increasing into Digital Property

• Sony enters crypto buying and selling by buying Amber Japan, increasing its numerous $100B+ enterprise portfolio.
• Amber Group’s resilience post-FTX collapse, securing $300M funding, underscores its strategic market maneuvers.
• Sony’s NFT exploration, highlighted by a 2023 patent, aligns with its Amber Japan acquisition for blockchain innovation.

Sony Group has entered the cryptocurrency buying and selling platform sector with the acquisition of Amber Japan, a transfer that highlights the conglomerate’s dedication to diversifying its already in depth portfolio.

As famous on X (previously Twitter) by reporter Colin Wu, Sony, with a market worth exceeding $100 billion, has pursuits in gaming, music, and cameras.

Earlier this 12 months, Singapore-based market maker Amber Group acquired and rebranded the regulated Japanese cryptocurrency buying and selling platform DeCurret as Amber Japan, signaling Amber Group’s technique to broaden its operations in Japan.

Amber Group raised $200 million in February 2022, reaching a valuation of $3 billion. The spherical was led by Temasek, Sequoia China, Pantera Capital, and Tiger International Administration.

Nevertheless, Amber Group was impacted by the current FTX collapse, dropping buying and selling capital within the defunct trade. In response, Amber Group initiated a $300 million Collection C spherical in December 2022, led by Fenbushi Capital with participation from Temasek, Sequoia China, Pantera, Tiger, and Coinbase. The funds have been meant to help prospects who suffered losses as a result of FTX’s downfall.

Sony’s acquisition of Amber Japan solidifies its entry into the cryptocurrency trade area. This transfer aligns with Sony’s broader technique to diversify its enterprise operations. In recent times, Sony has explored using non-fungible tokens (NFTs) and blockchain know-how in gaming.

As an illustration, in March 2023, Sony patented an NFT Framework for Transferring and Utilizing Digital Property Between Video games Platforms. This patent particularly addresses cross-platform NFT utilization, NFT-locked actions and gameplay, limited-use duties, and in-game NFT rewards.