DeCurret is also championing the development of a Japanese Yen-backed stablecoin through a consortium of 70 of the country’s biggest companies and banks.
Hong Kong-based global cryptocurrency platform, Amber Group has announced its acquisition of DeCurret Inc, the crypto-asset exchange subsidiary of DeCurret Holdings Inc for an undisclosed sum. The acquisition was made by Amber Group’s local subsidiary WhaleFin Japan, and it opens the door to the Japanese market for the company to propound its advancement of digital asset investment services.
DeCurret is one of the 30 Japanese platforms registered as a Crypto-Asset Exchange Service Provider (CAESP) with the Japan Financial Services Agency (FSA). DeCurret has the right foothold in Japan that will aid the easy entry of Amber Group into the country.
“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.
Amber Group became a unicorn with a $1 billion valuation back in June 2021 when it concluded a $100 million Series B funding round. With its deep pockets, Amber Group will be able to help uplift DeCurret from its unprofitability. As Coindesk reported, citing one of DeCurret’s representatives, the trading platform is yet to turn a profit since 2018, a move that was notably stirred by high compliance costs.
Amber Group to Propound the Legacies of DeCurret
The acquisition of DeCurret by the Amber Group will help the latter firm continue in the legacies of the former all in a regulated environment. DeCurret pioneered the introduction of an electronic money charge service for crypto-assets and led the industry in making cryptocurrency more accessible to consumers.
DeCurret is also championing the development of a Japanese Yen-backed stablecoin through a consortium of 70 of the country’s biggest companies and banks.
“We are very pleased to have Amber Group, one of the fastest-growing global crypto asset companies, take over the DeCurret initiative. We sincerely wish them success in the Japanese market and the continued growth of the Amber Group,” said President and CEO of DeCurret Holdings, Inc., Kazuhiro Tokita.
While the digital currency ecosystem around the world is undergoing a subtle overhaul in terms of regulations, an established platform like DeCurret will be a viable way for any firm with the wit to ply its trade in a productive market. For Amber Group, the move is an avenue to expand its “global footprint and drive crypto asset innovation across the international financial ecosystem, we are committed to upholding the highest regulatory compliance standards, and to meeting the standards and trust expected of an FSA-approved institution,” added Wu.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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