Electronics giant Sony Group has officially entered the cryptocurrency exchange market with the acquisition of Amber Japan.

Amber Japan, previously known as DeCurret, is the Japanese subsidiary of the global Amber Group, providing regulated digital asset trading services.

This move comes as part of Sony’s ongoing strategy to diversify its already extensive portfolio, which includes gaming, music, and electronics.

The company has been actively exploring the use of blockchain technology and non-fungible tokens (NFTs) in the gaming space for several years.

In March 2023, Sony even filed a patent for a system to track in-game digital assets on a distributed ledger, receiving positive reception from the gaming community.

The acquisition of Amber Japan follows Amber Group’s successful $300 million Series C funding round in December 2022.

This round, led by Fenbushi Capital, included participation from major investors like Temasek, Sequoia China, Pantera Capital, Tiger Global Management, and Coinbase.

Sony’s entry into the cryptocurrency market marks a significant development for both the company and the industry as a whole.

It remains to be seen how Sony will leverage Amber Japan’s expertise to establish itself in this competitive space.