Report: Japan-Based Crypto Exchange DeCurret Plans to Sell to Hong Kong's Amber Group

The holding company behind DeCurret, the Japan-based company that offers digital asset trading and exchanges, would plan to sell your cryptocurrency business to the investment platform Amber Group.

According to a Wednesday report from the Nikkei newspaper, DeCurret Holdings has the intention to sell the crypto arm of its business to Hong Kong-based company Amber Group in February. Although the details of the acquisition are not clear, the media reported that the sale price would be in the millions of dollars.

• DeCurret partners with KDDI to test the use of digital currencies

DeCurret established a new business structure in December 2021, launching a holding company, DeCurret Holdings, and separating its cryptocurrency and digital currency business into separate subsidiaries. Under the proposed deal, DeCurret Inc. will represent the company’s cryptocurrency exchange business, while DeCurret DCP will handle the crypto exchange business. digital currency.

With the next sale of its crypto arm DeCurret reportedly plans to focus on digital currencies. Japanese regulators, including the country’s Financial Services Agency, or FSA, recognize digital currencies as distinct from cryptocurrencies.

• Japanese crypto exchange DeCurret issues USD 25 million in new Actions

First released in 2019, DeCurret later received the regulatory approval from the FSA and the proposed cryptocurrency could be used as a payment method for Japan’s public transportation system. However, according to the Nikkei report, the cryptocurrency exchange was unable to compete with major companies including BitFlyer and Coincheck, and “profits were down”.

If the sale goes through, it would be another example of a company based in China, in this case Hong Kong, buying one of the few regulated cryptocurrency exchanges in Japan. In 2018, the Japanese subsidiary of Huobi Global bought a majority stake in BitTrade, one of the sixteen regulated exchanges in the country at that time. At the end of 2021, there were 30 FSA-approved cryptocurrency exchanges operating in Japan.

• Huobi acquires majority stake in crypto exchange licensed by Japanese BitTrade

Hong Kong-based Amber Group achieved a $1 billion valuation in June 2021 after a round of financing of 100 million dollars. Since then, the crypto financial services firm has backed projects including the decentralized exchange aggregator 1inch Network

and launched its own study of non-fungible tokens , called Creator Finance.

Keep reading:

• DeCurret partners with KDDI to test the use of digital currencies
• Japanese crypto exchange DeCurret issues USD 25 million in new shares
• Huobi acquires majority stake in Japanese-licensed crypto exchange BitTrade
• Amber Group reaches USD 1 billion valuation after its most recent financing round

• 1inch Network concludes a USD 175 million funding round led by Amber Group
• Amber Group partners with TR Lab to launch a platform focused on creating NFTs
• Former CFTC Chairman Giancarlo Joins CoinFund as Advisor