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Sony Ventures Into Crypto With Amber Japan Acquisition

After dabbling in NFTs, Sony Group is diversifying into crypto by acquiring Amber Japan - the Japanese subsidiary of Amber Group

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Sony Group is venturing into the world of crypto by acquiring Amber Japan, the Japanese subsidiary of Amber Group.

Amber Japan is a rebranding of Japanese crypto exchange DeCurrent, which Amber Group acquired in 2022.

The move comes as Sony attempts to diversify its portfolio. In March 2023, the $100 billion market cap firm applied for a patent to track in-game digital assets on a distributed ledger.  

Sony's NFT patent was surprisingly well received at a time when the industry was scrutinizing NFTs.

In a poll by Twitter user NFT POWER RANKING, 55.3% of respondents said they were "aggressively bullish" about Sony's “NFT Framework for Transferring and Using Digital Assets Between Games Platforms” patent, whilst another 21.9% opted for 21.9% "bullish" and 13.1% went for "mid bullish." Only 9.8% said they were "not bullish."

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The latest move comes as part of Sony’s strategy to diversify its portfolio, which already boasts a market value exceeding $100 billion. Sony has been exploring the use of non-fungible tokens (NFTs) and blockchain in gaming for the past few years.

Amber Group raised a $300 million Series C round in December 2022 following the collapse of FTX. The round was led by Fenbushi Capital, with participation from notable backers like Temasek, Sequoia China, Pantera, Tiger, and Coinbase,

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The Singapore-based market maker recently made investments in:

  • Mitosis, an ecosystem-owned liquidity (EOL) L1 blockchain
  • BedRock, a multi-chain liquidity restaking protocol
  • Help Steps, a Web3 "move and earn" application
  • Anichess, a decentralized chess game of Animoca Brands
  • Merlin Chain, a Bitcoin L2 solution by Bitmap Tech
  • Monad Labs, an EVM-compatible L1 blockchain
  • AINN Layer 2, a L2 Bitcoin network for Web3+AI