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.
- 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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.