Thursday, September 29, 2022

Coinbase To Launch In Japan In Partnership With MUFG

US-based crypto exchange Coinbase to officially launch itself in Japan in collaboration with one of the country’s largest banks Mitsubishi UFJ Financial Group (MUFG), according to an announcement.

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The recent move of Coinbase is being appreciated by the crypto industry, globally, as the exchange needs to attract more audience, in order to compete with other crypto trading platforms like Binance. 

On August 19, while making an announcement, Brian Armstrong, the CEO of Coinbase, specified that initially, the exchange will introduce retail trading products including ‘a suite of five top assets based on trading volume,’ with more assets and products to be listed in the coming months. 

He further stated, “We also plan to introduce more localized versions of globally popular services such as advanced trading, Coinbase for Institutions, and more in the future.”

The new partnership with a Tokyo-based bank is considered to be a real boost for the crypto exchange because now, Coinbase could also offer its services to more than 40 million customers of MUFG. 

The announcement further notifies that one of the largest banks of Japan will be initiating a fast fiat on-and-off ramp service, MUFG Quick Deposit, for the Japanese customers of Coinbase.

The public statement specifies, “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.”

For quite a long time, Coinbase has been trying to expand its business to Japan, in order to do so, the crypto exchange seeks approval from the financial regulators of Japan, Financial Service Authority, in 2019.

In March 2020, the crypto exchange not only got approval from FSA but also, from an official self-regulatory organization the Japan Virtual Currency Exchange Association(JVCEA).

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