Coinbase Partners With MUFG Bank to Launch Operations in Japan

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.