Coinbase is partnering with Mitsubishi UFJ to develop a cryptocurrency exchange in Japan.

Coinbase, a cryptocurrency exchange, has announced a cooperation with Mitsubishi UFJ Financial Group, a Japanese financial conglomerate (MUFG).

Coinbase announced on Wednesday that it will launch Coinbase Japan as part of its worldwide plan in one of the major crypto trading marketplaces by volume.

"In accordance with our worldwide vision, we will strive to be Japan's most user-friendly and trustworthy exchange, completely complying with local rules," the company said in a statement. "That's why we're also thrilled to announce our collaboration with MUFG, one of Japan's major banks with 40 million customers."

According to the release, the cooperation will allow Japanese consumers access to fiat on- and off-ramp through MUFG's Quick Deposit services.

The exchange stated that it will first enable trading for the five most popular crypto currencies based on trade volume, with more assets to follow in the coming months, but did not name them.

Other localized versions of Coinbase's existing worldwide services, such as advanced trading and Coinbase for Institutions, are in the works, according to the company.


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