The leading US cryptocurrency exchange Coinbase announced yesterday that it will start operations in Japan. The exchange will partner with Mitsubishi UFJ Financial Group (MUFG), a banking institution with more than 40 million customers, to make it easier for residents of Japan to buy and sell cryptocurrencies.
Coinbase launches in Japan
Coinbase, one of the leading cryptocurrency exchanges in the world, has started operations in Japan and offers Japanese customers some of its products and services. The blog post communicating the news confirms that Coinbase will endeavor to bring a user-friendly and regulated cryptocurrency product to users in the country. With that in mind, Coinbase stated:
In line with our global strategy, we aim to be the most user-friendly and trustworthy exchange in Japan that is fully compliant with local regulations.
The company will also continue to develop products through localization to bring its full range of products to the Japanese market, including Advanced Trading, Coinbase for Institutions and more. However, the service will hit the market offering “a suite of top five assets based on trading volume”. More products will be added later.
Mitsubishi UFJ Financial Group partnership
Coinbase did not enter the Japanese market alone. The company announced a partnership with Mitsubishi UFJ Financial Group (MUFG), a major Japanese bank with more than 40 million customers in the country. The bank will offer direct deposit services that will allow its customer base to quickly transfer funds to the exchange through a service called “MUFG Quick Deposit”.
The exchange was approved for entry into the Japanese markets in June through a direct subsidiary of the FSA, the Japanese regulator for cryptocurrencies. At that time, the regulator approved the platform for trading Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Sternlumen (XLM) and Litecoin (LTC).
Coinbase has had its sights on the Asian country since 2018 when it announced the opening of a local office in Japan. At the time, the exchange stated that this move was part of their efforts to accelerate the global adoption of cryptocurrencies and promised to work with regulators to offer the same type of compliance as the US markets.
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