The Amber Group of Hong Kong is buying Japan’s DeCurret exchange

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DeCurret, a Japanese digital currency exchange that debuted to great anticipation but fell short of expectations, is likely to be purchased by a Hong Kong-based digital currency services provider. After Huobi Global acquires BitTrade exchange in 2018, Amber Group will become the latest Chinese company to buy a Japanese exchange.

According to local publication Nikkei, DeCurret Holdings, the exchange’s holding company founded in December 2021, would sell the exchange arm of its business for millions of dollars. However, the report did not provide the actual amount.

DeCurret Holdings will now concentrate on its digital asset business, distinct from its Japanese exchange operations.

If the deal goes through, it will be over three years after DeCurret was granted an operating license by the Financial Services Agency. The creators were convinced at the time that they would be able to break into the Japanese virtual asset industry and carve out a niche for themselves.

“DeCurret aims to become a significant financial servicer for crypto assets, setting a standard for highly secure and convenient digital currency trading,” according to CoinGeek in 2019.

The nation’s three major banks, financial services consortium SBI Group, and gaming behemoth Konami Holdings have all backed it since then. It has also been engaged in several key market developments, including the establishment of a 70-member consortium to create a yen-based digital currency.

When Toyota decided to go into digital currencies, DeCurret teamed with them. However, as per Nikkei, DeCurret’s digital currency exchange business has failed to produce enough money, and it has fallen behind established companies such as bitFlyer and Coincheck.

Amber Group is a Hong Kong-based company that has seen rapid development since its inception in 2017. It secured $100 million in Series B funding at a $1 billion value in June last year. In addition, it stated to have over $1 billion in assets under management and to control up to 3% of worldwide spot trading activity at the time.

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