Nfts
Sony Enters Cryptocurrency with Acquisition of Amber Japan
Sony Group ventures into the world of crypto in acquire 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 seeks to diversify its portfolio. In March 2023, the $100 billion company filed a patent application to track digital assets from games on a distributed ledger.
Sony‘s NFT patent was surprisingly well received at a time when the industry was examining NFTs.
In a poll by a Twitter user NFT POWER RANKING55.3% of respondents said they were “aggressively bullish” about Sony’s “NFT Framework for Transferring and Using Digital Assets Between Games Platforms” patent, while 21.9% said they were “bullish” and 13.1% said they were “moderately bullish.” Only 9.8% said they were “not bullish.”
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The latest move is part of Sony’s strategy to diversify its portfolio, which already has a market value of over $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 $300 million in Series C in December 2022 after 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 has recently made investments in:
- Mitosis, an Ecosystem Owned Liquidity (EOL) L1 Blockchain
- BedRock, a multi-chain liquidity replenishment protocol
- Help Steps, a “move and win” Web3 application
- Anichess, a decentralized chess game from Animoca Brands
- Merlin Chain, a Bitcoin L2 solution by Bitmap Tech
- Monad Labs, an EVM-compatible L1 blockchain
- AINN Layer 2, a Bitcoin L2 network for Web3+AI