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