Coinbase enters Japan to establish a cryptocurrency exchange with Mitsubishi UFJ

Coinbase and Mitsubishi UFJ Financial Group (MUFG), the largest bank in Japan, have joined forces to establish a cryptocurrency exchange in Japan, which will allow MUFG customers to buy and sell virtual currencies through Coinbase.

Nao Kitazawa, head of Coinbase Japan branch, said on Thursday: “Our goal is to reach a wide range of customer groups by providing low-threshold virtual currency trading services.” Coinbase will allow trading of five digital currencies from the beginning: Bitcoin , Ethereum, Litecoin, Bitcoin Cash and Stellar Lumens.

Currently limited to individual customers of MUFG

Coinbase stated that MUFG Bank is its payment partner in Japan. Customers of MUFG can easily purchase cryptocurrencies on the exchange, but customers of other banks cannot trade through Coinbase.

Although Coinbase initially targeted Japanese individual customers, Kitizawa said that given that more and more asset management companies, pension funds and endowment foundations are investing part of their funds in cryptocurrencies, he is also optimistic about the prospects of Coinbase’s institutional business in Japan. .

Kitizawa said that Coinbase currently has about 30 employees in Japan and hopes to hire more employees to develop products in the future. At the same time, more and more institutional investors want to contact Coinbase, and their problems have recently become more and more detailed. If there is a demand, the company may hire employees to contact Japanese institutional investors.

Japan has 31 companies registered to trade virtual currencies. As the largest cryptocurrency exchange in the United States, Coinbase received Japanese regulatory approval earlier this year. And it will face competition from local companies such as Coincheck and GMO Coin under Monex Group.

 

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