Is Sony’s acquisition of Amber Japan a sign of accelerating crypto adoption among major corporations?
- Sony acquires Amber Japan, marking its entry into the cryptocurrency exchange market. Sony’s acquisition boosted its stock price, Bitcoin ETF inflows, and BTC’s price action.
Sony, Japan’s multi-industry giant, has announced its acquisition of Amber Japan, a leading cryptocurrency firm, marking the former’s entry into the cryptocurrency realm.
Sony’s crypto debut
According to a press release released on the 1st of July, Amber Japan, now under Sony’s umbrella, has rebranded and changed its name to S.BLOX.
As per a translation of the report,
“Amber Japan Co., Ltd. (Headquarters: Minato-ku, Tokyo, President: Jun Watanabe), which operates the crypto asset trading service “WhaleFin”, has changed its name to S.BLOX Co., Ltd. on July 1, 2024.”
It further stated,
“As a member of the Sony Group, we will work to create new added value in crypto asset trading services by collaborating with the Group’s diverse businesses.”
The news was met with optimism, underscoring the increasing adoption and interest in crypto by major firms.
Impact on Bitcoin
Subsequently, soon after this news went live, BTC was able to reach the $63K mark after beating around the bush between $59K and $62K for several days.
Yet, this surge was short-lived, with BTC trading at $62,738 at the time of writing. However, the MACD indicator, standing on the verge of crossing above the signal line, indicates potential bullish momentum ahead.
Source: TradingView
Additionally, after several days of outflows and minimal inflows, BTC ETFs finally recorded significant inflows of $129.5 million on the 1st of July, according to Farside Investors.
Source: Farside Investors
How did it impact Sony’s stock price?
This news also positively impacted Sony’s stock price. According to Google Finance data, the firm’s stock was up by 1.53% at the time of writing.
Source: Google Finance
Needless to say, Sony chose Japan for its crypto debut because the country has become a leading Bitcoin market, thanks to proactive regulation and high consumer awareness.
This makes Japan an ideal location for Sony to launch and expand its services.
Remarking on the same, Simon Dixon, CEO of BankToTheFuture.com said,
Source: Simon Dixon/X
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