Coinbase announced its formal launch in Japan in collaboration with banking giant Mitsubishi UFJ Financial Group, which would provide a “quick deposit” fiat on-ramp.
Coinbase, the largest cryptocurrency exchange in the United States, has announced its official entry into Japan in collaboration with banking giant Mitsubishi UFJ Financial Group (MUFG). The firm, managed by CEO Brian Armstrong, stated on Aug. 19 that it will begin by offering retail trading products that include “a suite of five top assets based on trading volume,” with additional assets and products to follow 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 agreement with MUFG, headquartered in Tokyo, would see the bank provide a fast fiat on-and-off ramp for Coinbase users in Japan, dubbed MUFG Quick Deposit. “In accordance with our worldwide vision, we will strive to be the most user-friendly and trusted exchange in Japan that complies fully with local regulations.” read the announcement.
Coinbase has been eyeing the Japanese market for some time, with Cointelegraph reporting in October 2019 that the company was seeking a license from Japan’s financial authority, the Financial Services Authority (FSA). Additionally, in March 2020, the firm registered as a crypto exchange with the Japan Virtual Currency Exchange Association, an FSA-approved and recognized self-regulatory body (JVCEA).
Cointelegraph reported earlier today that Coinbase had amassed a cash-based war chest worth approximately $4 billion in anticipation of decreased retail trading in the event of a probable “crypto-winter,” as well as increased costs associated with future regulatory compliance barriers.
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