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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.

By Eliza Gkritsi
Updated May 11, 2023, 5:59 p.m. Published Feb 1, 2022, 9:49 a.m.
A view of Tokyo tower. (Image credit: Jaison Lin/Unsplash)
A view of Tokyo tower. (Image credit: Jaison Lin/Unsplash)

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

STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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UPDATE (Feb. 1, 11:52 UTC): Rewrites first paragraph to add reason, company business.

JapanHong KongRegulationAcquisitions
Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI, having previously covered mining for two years. She previously worked at TechNode in Shanghai and has graduated from the London School of Economics, Fudan University, and the University of York. She owns 25 WLD. She tweets as @egreechee.

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