Coinbase, one of the leading cryptocurrency exchanges in the world, has launched operations in Japan, offering part of its products and services to Japanese customers. The blog post communicating the news confirms Coinbase will strive to offer an easy-to-use and regulated cryptocurrency product to users in the country.
The firm led by CEO Brian Armstrong announced on Aug. 19 that it will first launch 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.
“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 partnership with Tokyo-based MUFG will see the bank provide a fast fiat on-and-off ramp for Coinbase customers in Japan called MUFG Quick Deposit.
“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 announcement reads.
The company will also evolve products via localization to offer its full line of products to the Japanese market, including advanced trading, Coinbase for Institutions, and more in the future. However, the service will launch offering “a suite of five top assets based on trading volume.” More products are to be added later on.
Coinbase did not enter the Japanese market alone. The company revealed a partnership with the Mitsubishi UFJ Financial Group (MUFG), a large Japanese bank with more than 40 million customers in the country. The bank will provide direct deposit services allowing its customer base to transfer funds to the exchange quickly through a service called “MUFG Quick Deposit.”
The exchange was approved to enter Japanese markets in June through a direct subsidiary by the FSA, the Japanese cryptocurrency regulator. At the time, the regulator approved the platform to conduct trading of bitcoin (BTC), bitcoin cash (BCH), ether (ETH), stellar lumen (XLM), and litecoin (LTC).
Coinbase has had its eyes set on the Asian country since 2018 when it announced the launch of a local office in Japan. At that time, the exchange stated this movement was part of its effort to accelerate the global adoption of cryptocurrency and vowed to work with regulators to offer the same kind of compliance as in the U.S markets.
Bitcoin Bulls Run Amok: Short Traders Hit with $90 Million Loss Amidst Unstoppable Surge
The relentless surge in Bitcoin’s prices has left short traders reeling as highly leveraged futures bets against the cryptocurrency incurred losses totaling $90 million on Tuesday alone.
This follows an additional $70 million in short liquidations on Monday, contributing to Bitcoin’s remarkable climb from $39,000 to $44,000 this week.
According to data from CoinGlass, most of these liquidations transpired on major crypto exchanges, including Binance, OKX, and Huobi.
The substantial liquidation figures have the potential to signal either a local top or bottom in a significant price movement, providing valuable insights for traders looking to strategically position themselves.
The surge in trading volumes, up by 25% in the past week, coupled with the growth in open interest from $17.2 billion to $20.2 billion since the beginning of December, underlines the increased market activity around Bitcoin.
Several factors are contributing to Bitcoin’s recent growth. Optimism is swirling around the potential approval of a spot exchange-traded fund (ETF) in the U.S., with traders factoring in anticipated rate cuts, buoying riskier assets like technology stocks and Bitcoin.
Additionally, the possibility of sovereign adoption is gaining traction as leaders in major economies express a Bitcoin-friendly stance.
Over the weekend, a notable group of traders committed to a $200 million BTC futures position, emphasizing the sustained demand for exposure to Bitcoin.
Amid continuous updates and changes in spot ETF applications, some industry observers foresee Bitcoin prices surpassing the $48,000 level in the coming weeks, further intensifying the cryptocurrency’s bullish momentum.
Dogecoin (DOGE) Rides Bitcoin Surge, Gains Over 10% in 24 Hours
The cryptocurrency market is witnessing a resurgence of risk appetite as more investors jump on unconventional choices such as Dogecoin (DOGE), Shibacoin, Memeland, etc.
In the past 24 hours alone, DOGE has surged by over 10% to $0.10 a coin for the first time since April following Bitcoin’s climb from $38,000 to $44,000.
This surge, coupled with the rising price, validates the upward trajectory of DOGE, signaling growing investor interest.
Funding rates on various exchanges have also experienced a substantial surge, hitting an annualized 50% or more.
These rates, reflecting a steep premium in perpetual futures relative to spot prices, indicate a prevalent bullish sentiment among investors.
It underscores their collective optimism, suggesting a belief that prices are poised for further upward momentum.
Joke cryptocurrencies like DOGE have historically exhibited high-beta characteristics, closely mirroring Bitcoin’s movements but often with greater intensity.
Investors are advised to exercise caution and monitor DOGE’s potential for extreme bullish action relative to Bitcoin, serving as a potential indicator of speculative exuberance typically observed in the latter stages of a widespread bullish trend.
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