Coinbase is launching crypto exchange in Japan with financial giant Mitsubishi UFJ
August 18, 2021, 11:16PM EDT
1 min read
Crypto exchange Coinbase is entering the Japanese market through its partnership with Japanese financial giant Mitsubishi UFJ Financial Group (MUFG).
Coinbase said in an announcement on Wednesday that it is launching Coinbase Japan as part of its global strategy in one of the largest markets by crypto trading volumes.
"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 firm said in the statement. "That’s why we are also excited to announce our partnership with MUFG — one of the largest banks in Japan serving 40 million Japanese customers."
The partnership will give Japanese customers the access to fiat on- and off-ramp through MUFG's Quick Deposit services, according to the statement.
The exchange said it will initially support the trading for five largest crypto assets by trading volume with more assets to come in the coming months but did not provide specific names.
Coinbase said it plans to launch other localized versions of its existing global services such as advanced trading and Coinbase for Institutions.
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.