- Coinbase has announced a partnership with MUFG.
- Coinbase has launched its operations in Japan.
- The exchange was approved to enter Japanese markets in June
The leading cryptocurrency exchange in the world, Coinbase has announced a partnership with a large Japanese bank, the Mitsubishi UFJ Financial Group (MUFG). Coinbase has launched its operations in Japan, enabling its products and services to Japanese customers.
According to the blog post, Coinbase will strive to offer an easy-to-use and regulated cryptocurrency product to users in the country.
Moreover, MUFG will provide direct deposits services allowing its customer base to transfer funds to exchange quickly through a service called MUFG Quick Deposit.
The exchange approved to enter Japanese markets in June through a direct subsidiary by the FSA, the Japanese cryptocurrency regulator. Meanwhile, the regulator approved the platform to conduct trading of Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Stellar lumen (XLM), and Litecoin (LTC).
More so, Coinbase noted,
“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.”
Accordingly, Coinbase will also evolve products through localization to offer its full line of products to the Japanese market, including advanced trading, Coinbase for Institutions, and more in the future.
Although, since 2018 Coinbase has had eyes set on the Asian country when it announced the launch of a local office in Japan. Japan is a country whose citizens are extremely keen on the crypto market, as Coinbase rightly notes in saying that it was among the first to embrace crypto.
Of note, Coinbase states, this collaboration is part of its effort to accelerate the global adoption of cryptocurrency. Affirmed to worth with regulators to offer the same kind of compliance as in the U.S markets.