The Japanese conglomerate Sony Group has officially completed its acquisition of the crypto digital service provider Amber Group.
The latest move marks the entrance of Sony into the world of cryptocurrency trading and their show of interest in dealing with potential digital assets in the future.
Let us look into some of the details regarding the acquisition in the next section.
Details regarding the acquisition
Detailed information about the acquisition has not been made to the public but let us look at what we have been provided with and formulate our own conclusion regarding the new move by Sony.
The Sony group, known for its products and services in popular industries like gaming, music, and cameras, has notified of its acquisition of Amber Japan, a digital asset-providing subsidiary of the Amber Group.
Cryptocurrency newsletter Wu Blockchain was one of the first to announce the news of the acquisition in its official X account on July 1st. The details regarding the price of the acquisition have not been revealed to the public as of yet but many bet on the deal to be of a substantial amount.
Let us now look at the previous history of Amber Japan giving special focus on its ownership transference saga.
Acquisition of Amber Japan (previously DeCurrent) by Amber Group
Amber Japan, previously named DeCurrent has been working as a digital asset management subsidiary of the Amber Group since its acquisition by Amber Group back in 2022.
The company, however, faced many challenges later on due to its trading capital exposure and relationship with the disputed and now-defunct crypto exchange FTX.
This put the company in a tough position as they had to take some of the impact of the FTX group scandal that had been going through at that time.
The plan for the acquisition of DeCurrent Group was a proposal made by the Digital services provider Amber Group as part of their plan to expand their market reach to Japan.
The acquisition of the DeCurrent group was made possible through a fundraising campaign that the Amber Group organized.
The fundraising was led by Fenbushi Capital and had participation from reputable groups such as Tiger, Pantera, Temasek, Sequoia, and Coinbase.
The Fundraising raised a capital of $300 million in its Series C funding which was later published by many crypto newsletters and other analysts in the market citing its potential to lessen the impact on everyone who had suffered losses with the collapse of FTX.
Why did Sony acquire Amber Japan?
The latest development from Sony comes as part of their diversification strategy into the Crypto markets.
Sony, the $100 billion worth Japanese conglomerate has in recent years been on the lookout for a potential investment opportunity to set themselves up in the increasingly popular crypto trading market.
Over the past few years, there has been a rumor that Sony would be considering the integration of non-fungible tokens (NFTs) and blockchain into their gaming platforms.
Sony’s first initiative to show its interest in the crypto markets seems to however be taken back in March 2023 when they filed a patent for an “NFT Framework for Transferring and Using Digital Assets Between Games Platforms”.
The new system was supposedly intended to offer newer features like NFT-backed gameplay and reward system, and so on to its users.
Final Thoughts
The Sony Group is a giant when it comes to industries such as gaming, cameras, and music. Their new initiative will help to bring the world of digital assets such as cryptocurrency and NFTs to a whole new customer circle in a largely untapped part of the world.
Their attempt to integrate digital assets like NFTs into their large catalog of games will most likely tempt many from the gaming community to consider getting themselves involved in NFTs and other digital assets.
This could not only revitalize the NFT community but also open up a new range of possible collaborations between the entertainment industry and the digital asset market.
In conclusion, the further developments of the acquisition have yet to be revealed by Sony or Wu blockchain but the step taken by both parties is being hailed to have a positive impact on both Sony and Amber Japan.
