For Japanese expansion, Coinbase has teamed up with MUFG.

The cooperation would enable Japanese customers to trade on Coinbase's exchange by providing "MUFG Quick Deposit" for Japanese users, according to the company.



  • Coinbase's platform presently allows Japanese users to buy bitcoin, ethereum, and litecoin, according to the company's website.
  • “We'll start with retail products, which will have a suite of five top assets based on trading volume, and we'll gradually add more assets and products over time. We also intend to launch additional localized versions of globally popular services in the future, such as advanced trading, Coinbase for Institutions, and others,” the business stated.

In a blog post published Thursday, Coinbase announced a partnership with Mitsubishi UFJ Financial Group (MUFG) to help expand its platform to Japan. The well-known cryptocurrency website first launched in 2012 as a place where people could buy and trade bitcoin. It has now grown into a crypto-asset platform with thousands of blockchains, tokens, and projects, and has become the largest cryptocurrency exchange in the United States. Coinbase now serves a total of 9,000 institutions and 68 million users in more than 100 countries.

“At this time, I don't have anything to say other than what's already in the blog article. In an email to Blockworks, a Coinbase spokeswoman added, "But pleased to stay in touch should that change."

With over 40 million Japanese customers, MUFG is one of Japan's largest banks. The cooperation would enable Japanese customers to trade on Coinbase's exchange by providing "MUFG Quick Deposit" for Japanese users, according to the company.

“We'll start with retail products, which will have a suite of five top assets based on trading volume, and we'll gradually add more assets and products over time. We also intend to launch additional localized versions of globally popular services in the future, such as advanced trading, Coinbase for Institutions, and others,” the business stated.

The corporation did not provide a specific debut date in Japan. According to Coinbase's website, Japanese consumers can currently buy bitcoin, ethereum, and litecoin using its platform.

While Japan has tight crypto regulatory standards, it was the first country to pass legislation defining “crypto assets” as a legal word. To provide exchange services to Japanese residents, companies must first register as Crypto Asset Exchange Service Providers. Furthermore, crypto assets are not treated as money or equated with fiat currencies under Japanese law, and they are not backed by the Japanese government or central bank.

With that stated, as crypto trading grows up across the country, the acceptance of cryptocurrencies in Japan continues to accelerate at a rapid pace. For context, Japan's virtual currency deposits, also known as cryptocurrency deposits, reached an all-time high of 1.4 trillion yen ($13 billion) in March. According to the Japan Virtual and Crypto Assets Exchange Association, this month's crypto deposits were seven times more than the previous month (JVCEA).

Share:

No comments:

Post a Comment

Note: only a member of this blog may post a comment.

Hot Topic

CEO of Messari: "Bear Markets Are Good for Cleaning House."

 Although most of the crypto industry has had a difficult winter, Messari CEO Ryan Selkis believes that a little austerity will be good for ...

counter, at the bottom of the page, in a table, div or under a menu.