Coinbase is partnering with financial giant Japan Mitsubishi UFJ as part of a larger effort to expand worldwide
According to a blog post, Mitsubishi UFJ Financial Group (MUFG), a bank with over 40 million Japanese customers, will provide MUFG Quick Deposit for Coinbase’s local users. This is the result of cryptocurrency exchange Coinbase entering the Japanese market through a partnership with MUFG.
We’re excited to be launching Coinbase in Japan, one of the first countries to embrace crypto and one of the largest markets by crypto trading volume in the world.
Details here ?https://t.co/ZhsYiE3L2a
— Coinbase (@coinbase) August 19, 2021
Coinbase is launching a crypto exchange in Japan with financial giant Mitsubishi UFJ
The partnership is part of a plan to launch Coinbase Japan, the first step of a global strategy in one of the largest markets by cryptocurrency trading volume. Japanese customers using Coinbase will have the option to buy Bitcoin, ETH, Litecoin (LTC), Stellar (XLM), and Bitcoin Cash (BCH), with other listings to follow. An exact date of the launch has not yet been given.
“In line with our global strategy, we will aim to be the easiest to use and most trusted exchange in Japan that’s fully compliant with local regulations,” the firm said in the announcement. “That’s why we are also excited to announce our partnership with MUFG — one of the largest banks in Japan serving 40 million Japanese customers.”
Furthermore, as AZCoin News mentioned above, the partnership will provide Japanese customers with access to fast and off-the-road remittance services through MUFG’s Quick Deposit services.
The move comes after a subsidiary of listed exchange Nasdaq registered with the Financial Services Agency (FSA) on June 18. Coinbase said its partnership with the bank was a bid to become the country’s most trusted exchange that is fully compliant.
Historically, Japan’s financial regulatory regime regarding the cryptocurrency industry has been very strict. Therefore, Coinbase can enter this market shows that this crypto trading platform is solid, strictly complying with regulations. Coinbase said it plans to roll out other localized versions of its existing global services like enhanced trading and Coinbase to institutions.
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