Coinbase launches in Japan and partners with MUFG
Coinbase is looking to maintain the same simple approach to customer integration that makes it the most popular US-based crypto exchange
According to Coinbase, Japan is a key crypto market, with the country already highly recognised in crypto circles as one of the earliest to allow cryptocurrency trading. However, it also notes the stringent regulatory requirements in place.
“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 blog post.
The firm plans to start with a suite of retail products, including a listing of the top five digital assets as per trading volume. The company will then unveil more assets and add other products as market demand grows.
The exchange also plans to introduce “more localized versions” of some of the most popular crypto-related services, including advanced trading and Coinbase for Institutions.
The exchange has revealed that its unveiling in Japan is in partnership with one of the country’s leading financial giants, the Mitsubishi UFJ Financial Group (MUFG). MUFG serves over 40 million customers and Coinbase says their partnership is going to help millions of customers with bank accounts to easily and quickly access fiat on/off ramps through the bank’s Quick Deposit.
The official launch into Japan follows Coinbase’s registration with the Financial Services Agency (FSA), Japan’s financial regulator, in mid-June. The approval had earmarked the entry of the exchange into the Japanese market, putting on the table five cryptocurrencies that the exchange could list, namely, Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Stellar (XLM) and Litecoin (LTC).