- Coinbase is launching in Japan thanks to its partnership with Mitsubishi UFJ Financial Group.
- Users in Japan can access the MUFG Quick Deposit service.
- The exchange will first bring the top 5 assets based on trading volume, more will come later.
We’re excited to be launching Coinbase in Japan, one of the first countries to embrace crypto and one of the largest markets by crypto trading volume in the world.
Details here 👇https://t.co/ZhsYiE3L2a
— Coinbase (@coinbase) August 19, 2021
The USA’s top crypto exchange is happy to finally be entering Japan’s borders. To highlight the words from the tweet, Coinbase is looking forward to working with one of the first countries to embrace crypto.
The exchange hopes to expand its reach with one of the largest markets in the world — in terms of crypto trading volume. In particular, Coinbase’s launch in Japan is in many thanks to its new partner.
Specifically, the exchange struck a partnership with a titan in the banking sector — Mitsubishi UFJ Financial Group. With this, the bank will begin to provide a fiat on-and-off ramp for Coinbase users in Japan. This service will be known as MUFG Quick Deposit.
Coinbase’s CEO, Brian Armstrong, said that Coinbase will first launch retail trading products to its new market. In detail, he says that Coinbase will bring top 5 assets based on trading volume. These assets include Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC), and Stellar Lumen (XLM).
In addition, Coinbase says that it will eventually add more products and assets onto the list in the future months. The blog post even confirms that Coinbase’s global strategy will ensure that it will work to be the simplest and most trusted exchange in Japan.
To highlight, it also emphasizes that it will fully comply with all local regulations. This is an important statement as the Commissioner of the Financial Services Agency (FSA) made an interesting statement only a week ago.
To specify, Junichi Nakajima said Japan won’t be easing its crypto regulation anytime soon. Hence, it is important to note that Coinbase still entered Japan’s market despite its tight crypto regulation.