Categories: Cryptos

Coinbase and MUFG partner to launch operations in Japan – bitcoin news

Coinbase, a leading cryptocurrency exchange based in the United States, announced yesterday that it will open its Japan operations. The exchange will be partnering with Mitsubishi UFJ Financial Group, a banking institution that has more than 40 million customers. This will make it easy for Japanese citizens to buy and to sell cryptocurrencies.

Coinbase launched in Japan

Coinbase, a leading cryptocurrency exchange, has established operations in Japan and is now offering some of its products or services to Japanese customers. The blog postThe news was communicated to confirm that Coinbase will continue to strive for a simple-to-use, regulated cryptocurrency product for all users in the country. Coinbase stated:

In line with our global strategy we aim to make Japan’s exchange the easiest and most reliable, while adhering to all local regulations.

The company will also localize its products to bring its entire product line to Japan, including advanced trading and Coinbase for Institutions. The service will launch “a suite of top assets based on transaction volumes”. Additional products will be added in the future.

Mitsubishi UFJ Financial Group Partnership

Coinbase did not go into the Japanese market alone. The company announced a partnership with Mitsubishi UFJ Financial Group, a Japanese bank that has more than 40,000,000 customers. The bank will offer direct deposit services, allowing customers to transfer funds quickly to the exchange via a service called “MUFG Quick Deposit”.

FSA, Japan’s cryptocurrency regulator approved the exchange to enter Japan’s markets in June. The regulator approved the exchange platform to conduct bitcoin transactions (BTC), bitcoin cash (BCH), ether (ETH), starlight (XLM) and litecoin (SLD.

Coinbase has been watching the Asian country closely since 2018, when Coinbase announced the opening of a local branch in Japan. The exchange stated at the time that the move was part of its efforts to accelerate the adoption of cryptocurrency worldwide and promised to work with regulators to ensure the same level compliance in Japan as in the U.S.

What do you think about Coinbase’s Japanese operations? Leave a comment below.

Image credit: Shutterstock. Pixabay. Wiki Commons

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