Hong Kong unicorn Amber Group acquired DeCurret Inc., a licensed crypto exchange operator in Japan, from DeCurret Holdings for an undisclosed amount.
- The acquisition, which took place through Amber Group’s local subsidiary, WhaleFin Holdings Japan, marks Amber Group’s operational entry into Japan, according to a press release shared with CoinDesk on Tuesday.
- DeCurret Inc. is one of 30 crypto-asset exchange service providers (CAESP) registered with Japan’s Financial Services Agency (FSA). The exchange, which has been operating for three years, has yet to turn a profit, a DeCurret Holdings representative told CoinDesk in December 2021.
- Many exchanges in Japan have been struggling to survive, in large part due to high compliance costs.
- DeCurret Holdings, a blockchain and fintech firm, is leading the design of a digital yen backed by a consortium of over 70 of Japan’s biggest companies and banks.
- Amber Group is a crypto finance startup offering services such as algorithmic trading and digital market-making as well as borrowing and lending to institutional and individual investors. It reached a $1 billion valuation in June 2021, after a $100 million Series B funding round.
- The company has offices around the world. While it was initially set up in Hong Kong, CEO Michael Wu recently moved to Singapore, an Amber Group representative said.
Read more: Inside the Company Building Japan’s Multistakeholder Digital Yen