American cryptocurrency exchange Coinbase opens a subsidiary in Japan and partnered with banking giant Mitsubishi UFJ Financial Group (MUFG).
Coinbase
informs in the blog that the exchange is pleased to enter the Japanese market, which has become one of the largest in the world in terms of cryptocurrency trading volume. In line with the exchange’s international development strategy, Coinbase will operate in Japan in compliance with all local regulatory requirements.
The marketplace has announced a partnership with MUFG, one of the largest banks in Japan, serving about 40 million Japanese customers. For them, the MUFG Quick Deposit product will be launched, allowing them to convert fiat currencies into cryptocurrencies, which will make it easier for them to trade on the exchange.
To spread cryptocurrencies in the Land of the Rising Sun, Coinbase will launch retail products. These will include a set of five main cryptoassets, which will be determined depending on their trading volume. More and more cryptocurrencies will be added in the coming months. In the future, Coinbase plans to introduce services not only for individuals, but also for organizations.
“This partnership with MUFG will help millions of Japanese people quickly access our platform, who can start trading on Coinbase using the dedicated MUFG Quick Deposit product,” Coinbase said in a statement.
Coinbase has been following the development of the Japanese market for a long time, and the exchange was licensed by the Japan Financial Services Agency (FSA) last year. In March 2020, the exchange registered with the Japanese Cryptocurrency Exchanges Association (JVCEA), which also received FSA approval.
Coinbase CEO Brian Armstrong previously said the exchange could place central bank digital currencies for trading in the future if they meet the platform’s listing standards.
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