Sony has acquired Amber Japan, a well-known cryptocurrency exchange in Japan

Over the past couple of years, big firms have been entering the cryptocurrency industry. In particular, diversified Japanese conglomerate Sony (TYO:6758) has decided to acquire locally known crypto firm Amber Japan. With this deal, Sony will make its debut in the cryptocurrency exchange sector.

Sony, which has a market valuation of $100 ml, has long claimed to diversify its assets. To do so, the company has entered the cryptocurrency market. Last year, Sony's subsidiary Sony Network Communications partnered with Japanese blockchain startup Startale Labs to create Sony's own public blockchain network.

The Japanese cryptocurrency trading company was originally called DeCurret Cryptocurrency Exchange. It was first acquired in 2022 by Singapore's Japanese subsidiary Amber Group. In August 2023, it was acquired by Sony subsidiary Quetta Web Co.

To focus on its core business, Amber announced last year that it would scale back its mass-market offerings as well as its secondary business lines