Amid its diversification efforts, Sony strikes a key acquisition in the cryptocurrency exchange sector acquiring Japan-based exchange Amber Group’s exchange, DeCurret. This is a spectacular move by the high market value of over $100 billion tech giant into the burgeoning crypto sector.

DeCurret was purchased by Singapore’s trading company Amber Group in early 2021 and reshuffled as Amber Japan. Now the exchange of the toy block has shifted to Sony’s ownership and the name of the exchange is now called S.BLOX Co., because it is now under Sony Timeline. This has come after the Amber Group was in deep financial problems following the collapse of FTX and more so the issue of debt manipulation with Fenbushi Capital. Some of the big-shot investors who are a part of the Amber Group include Temasek, Sequoia China, Pantera Capital, Tiger Global, and Coinbase Ventures.

PR Times states that Sony is expected to tap into the company’s vast business network in a bid to improve S.BLOX’s crypto trading solutions. This involves working with other Sony-related companies to incorporate new technologies for enhancing user experiences. In the process of the platform transformation, S.BLOX plans to launch a new external shell, a new mobile application, and, of course, an approach to trading that will be as simple as possible for users.

To tap into the growing returns on cryptocurrencies, Sony aims to leverage its strong trading solutions with its reputable brand and technology. The rebranding and revamp show that Sony is ready to be a leader and part of the new generation of organizations that will lead digital finance innovation in Japan and possibly other locations. 

Conclusion:

Recently, multinational technology conglomerate Sony Corp bought a stake in a cryptocurrency company known as Amber Japan to acquire complete control of it. The decision of the company will enable Sony to open its cryptocurrency exchange as the popularity of cryptocurrencies like Bitcoin increases. Sony is eager to enter the crypto market as a large player, which is why it decided to buy Amber Japan – an already running exchange that would allow it to set up all necessary conditions and gain the necessary licenses much faster. This is quite a significant strategic change for Sony given that the firm is now looking at new economy technologies such as blockchain and digital assets to post-revenue sources. In sum, Sony’s purchase of Amber Japan is indicative of the firm’s strategic steps to search for more new business opportunities in the fintech sector.