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Crypto Startup Amber Group Acquires Japanese Exchange DeCurret
The exchange, which has been in operation for three years, has yet to turn a profit.
Updated May 11, 2023, 5:59 p.m. Published Feb 1, 2022, 9:49 a.m.
Amber Group, a crypto finance startup offering services such as algorithmic trading and digital market-making, said it bought Japan-licensed crypto exchange operator DeCurret.
- Terms of the acquisition, which took place through Amber Group's local subsidiary, WhaleFin Holdings Japan, weren't disclosed.
- Amber bought the exchange from DeCurret Holdings, according to a press release shared with CoinDesk on Tuesday.
- DeCurret 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.
- 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 more than 70 of Japan's biggest companies and banks.
- Amber Group also offers borrowing and lending to institutional and individual investors. It reached a $1 billion valuation last June, after a $100 million Series B funding round.
- The company has offices around the world. It was initially set up in Hong Kong, but CEO Michael Wu recently moved to Singapore, an Amber Group representative said.
Read more: Inside the Company Building Japan's Multistakeholder Digital Yen
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UPDATE (Feb. 1, 11:52 UTC): Rewrites first paragraph to add reason, company business.
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