The Japanese entertainment giant Sony Group with a market capitalization of over $100 billion has now formally ventured into the crypto exchange segment by acquiring Amber Japan.
This expansion comes after Amber Japan, which was previously operating under the name DeCurret, experienced some financial issues associated with its connections to the now-bankrupt crypto exchange FTX.
Amber Japan faced these challenges under the umbrella of its parent company, Amber Group, which closed a significant $300 million Series C funding round in December 2022. Just two months ago, Amber group linked address sent 1200 ETH to Gnosis Safe.
This funding was spearheaded by Fenbushi Capital and other investors including Temasek, Sequoia China, and Coinbase to cater to customers affected by the FTX closure.
Sony strategically diversifies its portfolio, leveraging its market capitalization of over $100 billion, continuing its exploration of blockchain and non-fungible tokens in gaming.
In March 2023, Sony applied for a patent for an “NFT Framework for Transferring and Using Digital Assets Between Games Platforms. ” This patent suggests cross-platform NFT usage, NFT-secured gameplay, and rewards that are related to NFTs, proving that Sony is actively working on implementing blockchain in its entertainment industry.
Sony’s move to enter the crypto exchange market through the acquisition of Amber Japan shows that the company is actively embracing innovation and diversification in digital finance which is a great advancement for both the technology and entertainment industries.
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