Amber Group, a crypto finance business that offers services including algorithmic trading including digital market-making, announced the acquisition of DeCurret, a Japan-licensed crypto exchange. The purchase price was not disclosed yet. According to reports, Amber purchased the exchange from DeCurret Holdings.
DeCurret is one of Japan’s Financial Services Agency’s crypto-asset exchange service providers (CAESP). As per reports, the exchange is operational for three years and yet to make a profit. Many Japanese exchanges have been battling to survive, owing to hefty compliance expenses.
DeCurret Holdings, a blockchain and fintech company, is driving the development of a digital yen supported by a group of more than 70 of Japan’s largest corporations and institutions.
Amber Group also provides personal and institutional investors with borrowing and lending options. The firm has offices all over the world. It was founded in Hong Kong, but its CEO Michael Wu relocated to Singapore, according to an Amber Group spokeswoman.