- Sony is buying Amber Japan to enter cryptocurrency buying and selling, increasing its diversified enterprise portfolio price over $100 billion.
- Amber Group's resilience after the collapse of FTX and securing $300 million in funding highlights the corporate's strategic go-to-market technique.
- Sony's exploration of NFTs, highlighted by a 2023 patent, coincides with its acquisition of Amber Japan 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 efforts to additional diversify its already in depth portfolio.
As X (previously Twitter) reporter Collin Wu factors out, Sony, with a market capitalization of over $100 billion, has pursuits in video games, music, and cameras.
Earlier this yr, Singapore-based market maker Amber Group acquired regulated Japanese crypto buying and selling platform DeCurret and rebranded it as Amber Japan, signaling Amber Group’s technique for increasing within the nation.
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 World Administration.
Nonetheless, Amber Group was affected by the current collapse of FTX, shedding buying and selling capital on the defunct change. In response, Amber Group raised $300 million in Collection C funding in December 2022, led by Fenbushi Capital and joined by Temasek, Sequoia China, Pantera, Tiger and Coinbase. The funding was meant to assist shoppers who suffered losses because of the collapse of FTX.
Sony's acquisition of Amber Japan solidifies its entry into the cryptocurrency buying and selling sector. The transfer is according to Sony's broader technique to diversify its enterprise operations. In recent times, Sony has been exploring the usage of non-fungible tokens (NFTs) and blockchain expertise in its video games.
For instance, Sony acquired a patent for an NFT framework for transferring and utilizing digital property throughout gaming platforms in March 2023. The patent focuses on cross-platform NFT utilization, NFT-locked actions and gameplay, use-limited duties, and in-game NFT rewards.
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