Home
News
Coinbase has partnered with Mitsubishi to offer financial services to Japan crypto customers. The partnership is an effort to expand Coinbase’s presence worldwide.
Coinbase, the U.S. cryptocurrency exchange, has partnered with Mitsubishi UFJ Financial Group, one of Japan’s largest banks to expand Coinbase services in Japan. Through this partnership, the Coinbase Japanese customers will have access to the exchange via its MUFG quick deposit product.
This partnership is an effort to expand Coinbase presence worldwide. The move into Japan follows a green light from the country’s financial regulators, who have looked sternly at the crypto industry in recent years.
As per the blog post, Mitsubishi UFJ Financial Group (MUFG), a bank with 40 million Japanese customers, will provide MUFG Quick deposit for Coinbase’s local users.
The customers from Japan using coinbase have the option to buy bitcoin, ether, Stellar, Litecoin, and bitcoin cash with other coins to follow. However, the exact date of the launch has not been decided yet.
Embracing cryptos
The move follows the Nasdaq-listed exchange’s subsidiary registering with the Financial Services Agency (FSA), the country’s financial regulator, on June 18. This partnership with the bank will make coinbase the country’s most trusted exchange that is fully compliant.
Japan’s financial regulatory regime is very strict about cryptocurrency. The regulators are hard on cryptocurrency because there have been several fallouts on the exchanges in the past. Also, there were many hacks reported within the country over the year, including Coincheck in 2017.
Following these hacks, the regulatory body in Japan has only promoted rules by the Japan Virtual Currency Exchange Association that have only increased in scope, scrutiny and intensity. Kraken and others had left the country in 2018 citing rising costs as a result of red tape.
Coinbase was formed in 2012 with a mission to buy and sell bitcoin. Since then Bitcoin has spawned the entire industry with thousands of different blockchains, tokens and projects. In line with the global strategy, Coinbase aims to be the easiest to use most trusted exchange in Japan that is fully compliant with local regulations.
Coinbase is committed to increasing the use of crypto in Japan by bringing the best in class products to Japanese customers. Besides launching the retail product, Coinbase will also be looking forward to adding more assets and products in the coming months.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
