Sony acquires Amber Japan as its first leap into crypto exchange space

As a seasoned crypto investor with a keen interest in the latest developments within the industry, I’m thrilled to see Sony Group making its first move into the crypto exchange sector by acquiring Amber Japan. With the head of Web3 from Startale Labs leading the exchange at Sony and having made plans for this collaboration 1.5 years ago, it seems that this partnership was a long-term strategic decision.

As a crypto investor, I’m excited to share that Sony Group, a well-known tech giant, has made its initial move into the crypto exchange sector by acquiring Amber Japan. Previously recognized as DeCurret, this Japanese exchange is now part of the Sony family.

Tokyo-based Amber Japan, formerly called DeCurret, unveiled a new identity as S.BLOX after being acquired by Sony Group. This rebranding marks Sony’s foray into the cryptocurrency exchange market for the first time.

Amber Japan, the crypto trading platform behind WhaleFin, announced on July 1st that they intend to broaden their currency offerings and add new features following their acquisition. However, exact details were not shared in the press release. The newly renamed company, S.BLOX, aims to utilize Sony Group’s extensive business portfolio to generate innovative value within the cryptocurrency trading sector.

Here is the Japanese article. If you may know, the head of web3 who is going to lead exchange at Sony is our external director of the company. We have made a plan of the chain layer 1.5 years ago and we entered the execution phase.

— Sota | Astar + Startale (@WatanabeSota) July 1, 2024

The CEO of Startale Labs, Sota Watanabe, shared on Reddit that one of Startale’s executives will be taking the helm at Sony’s exchange division. He disclosed that the two companies had formulated a plan for the chain layer approximately 1.5 years ago and have since begun implementing it.

Established in 2018 under the name DeCurret, the company underwent a change of ownership in 2022 when it was bought by the Japanese branch of Singapore’s Amber Group. During this transaction, Amber Group announced its intention to use DeCurret as a platform for providing regulated crypto exchange and custody solutions, adhering to Japan’s financial market regulations since DeCurret was already registered with the Japan Financial Services Agency.

In 2023, Amber Group encountered numerous hurdles, such as cost cuts and staff layoffs, while dealing with a cryptocurrency market slump caused by the demise of FTX. Additionally, rumors emerged that the company suspended its plans for global expansion due to the wider market instability resulting from the FTX crisis.

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2024-07-01 12:05