Sony Group Ventures into Crypto with Amber Japan Acquisition

Sony Group has ventured into the crypto exchange industry by acquiring Amber Japan, a Japanese crypto exchange previously known as DeCurret.

Tokyo-based Amber Japan, now rebranded as S.BLOX, made this announcement following its acquisition by Sony Group. This move marks Sony’s first step into the crypto exchange sector. Amber Japan operates the crypto trading service “WhaleFin” and has ambitious plans post-acquisition. A press release on July 1 disclosed that S.BLOX plans to “expand the range of supported currencies and features,” though specifics remain under wraps. The rebranded entity aims to leverage Sony’s diverse businesses to create “new value in the cryptocurrency trading service sector.”

Leadership and Future Plans

Startale Labs CEO Sota Watanabe shared in an X post that Startale’s executive is “going to lead exchange at Sony.” He added that both parties “made a plan of the chain layer 1.5 years ago and we entered the execution phase.” This highlights a strategic plan in place for over a year, now entering its operational phase.

Founded in 2018 as DeCurret, the firm was later acquired by the Japanese subsidiary of Singapore’s Amber Group in 2022. Amber Group stated that this acquisition would enable it to offer regulated crypto exchange and custody services compliant with Japan’s financial market regulations, as DeCurret was registered with Japan Financial Services Agency.

However, Amber Group faced significant challenges in 2023, including cost and job reductions amid a crypto market downturn triggered by the collapse of FTX. Reports indicated that the firm paused its international expansion plans due to the FTX contagion’s impact on the broader market.

Despite past challenges, the acquisition by Sony Group and the rebranding to S.BLOX signal a new beginning. The integration of Sony’s diverse resources and Amber Japan’s crypto expertise aims to revolutionize the crypto trading landscape. The future looks promising as S.BLOX prepares to expand its offerings and solidify its presence in the market.