Crypto Startup Amber Group Acquires Japanese Exchange DeCurret
The exchange, which has been in operation for three years, has yet to turn a profit.
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.
UPDATE (Feb. 1, 11:52 UTC): Rewrites first paragraph to add reason, company business.
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