Hong Kong Unicorn Amber Group has announced its acquisition of Japan-based Licensed trading platform DeCurret inc. The acquisition took place through Amber Group’s local subsidiary, WhaleFin Holdings, marking the grand entry of Amber Group into the Japanese market.
This intention was revealed on January 20, 2022, following a statement that noted that “a Hong Kong-based digital currency services firm is set to purchase DeCurret, a Japanese digital currency exchange that launched with much fanfare but has failed to meet expectations.” Following the declaration of interest, Amber Group positioned itself as the latest Chinese-based digital assets platform to acquire “a Japanese exchange, following Huobi Global’s 2018 takeover of BitTrade exchange.”
The current acquisition of DeCurret was confirmed by the firm and Amber Group. While the Japanese holding will maintain its brand name under the Amber Group, the Hong Kong outfit will do all it can to continue the new company’s legacies in the Asian market.
“Japan holds tremendous strategic value as a significant crypto finance market, and we are proud to be integrating the best of both WhaleFin and DeCurret as we expand our presence in the country. As a leading crypto exchange with deep roots in Japan, DeCurret has not only market expertise and strong backing from major industry heavyweights but its user-first functionalities lend itself well to WhaleFin’s offering and its ethos in democratizing crypto finance for everyone. This acquisition lays the foundation for us to continue building user confidence in crypto assets through ease and accessibility, marking a new chapter for crypto finance in Japan,” said Amber Group’s Global Chief Executive Officer, Michael Wu.
Japan is a growing hub for digital currencies, and while the country ranks as a historic region for cryptocurrency exchanges, the presence of foreign entities is somewhat limited. With the Amber Group taking the reins at DeCurret, initiatives like the Yen-backed stablecoin project in development alongside a 70 organization consortium will now gain more backing, drawing on the liquidity depth and expertise of the Amber Group.
That DeCurret is one of the 30 licensed crypto assets trading platforms gives Amber Group a soft landing as it enters the Japanese market. While the money to do business may not be a concern for Amber Group, dealing with regulations may be, and that DeCurret has this figured out gives it a very perfect leeway in the new world.