Sony acquires Amber Japan as its first leap into crypto exchange space

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

Tokyo-based Amber Japan, previously known as DeCurret, has announced a rebranding to S.BLOX following its acquisition by Sony Group, marking the multinational conglomerate’s first step into the crypto exchange sector.

Amber Japan, which operates the crypto trading service dubbed “WhaleFin,” disclosed in a Jul. 1 press release that the company plans to “expand the range of supported currencies and features” post-acquisition, although specific details weren’t provided. The rebranded entity, S.BLOX, aims to leverage Sony Group’s diverse businesses to create “new value in the cryptocurrency trading service sector,” the press release reads.

Startale Labs CEO Sota Watanabe revealed in an X post that Startale’s executive is “going to lead exchange at Sony,” adding that the both parties “made a plan of the chain layer 1.5 years ago and we entered the execution phase.”

Founded in 2018 as DeCurret, the firm was later acquired by the Japanese subsidiary of Singapore’s Amber Group in 2022. At the time, Amber Group stated that the 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, in 2023, Amber Group faced significant challenges, including cost and job reductions, as it navigated a crypto market downturn triggered by the collapse of FTX. Reports also indicated that the firm paused its international expansion plans due to the FTX contagion’s impact on the broader market.