Japan-based technology giant Sony Group has bought crypto exchange Amber Japan in a bid to enter the crypto market, according to multiple crypto media reports.

Wu Blockchain initially reported the deal, which was later substantiated by the Block.

The terms of the deal were undisclosed.

While Sony has dabbled in Web 3 through investments and partnerships, the latest deal will mark the PlayStation maker's proper foray into crypto. The company had teamed up with the Astar Network for a Web3 incubation program and filed a patent for transferring non-fungible tokens (NFTs) between different games and consoles.

Amber Japan, formerly known as DeCurret, was taken over by crypto finance firm Amber Group in 2022 and subsquently renamed. Amber had bought DeCurret through its local unit, WhaleFin Holdings Japan.

Sony and Amber were not immediately available for comment.

Last year, Bloomberg reported that the Hong Kong-based Amber Group was planning to sell its Japan unit due to the strict regulations in the nation.

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