Coinbase, the largest cryptocurrency exchange in the United States, has announced its formal opening in Japan in collaboration with Mitsubishi UFJ Financial Group (MUFG). The partnership will help to provide a “quick deposit” fiat on-and-off ramp.
On Aug. 19, the company led by CEO Brian Armstrong announced the introduction of retail trading products that include “a suite of five leading assets based on trading volume,” with more assets and products to follow in the following 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, based in Tokyo, will see the bank deliver MUFG Quick Deposit, a fast fiat on-and-off ramp for Coinbase users in Japan.
“In line with our worldwide vision, we will strive to be Japan’s most user-friendly and trustworthy exchange, fully complying with local regulations.” According to the announcement, Japan is expected to take action to analyze cryptocurrency around the world, according to reports.
The Japan Virtual Currency Exchange Association, an FSA-approved and recognized self-regulatory organization, registered the company as a crypto exchange in March 2020. (JVCEA).
Coinbase has a cash-based war chest of roughly $4 billion, according to Cointelegraph, to prepare for decreased retail trading in the event of a probable “crypto-winter,” as well as greater expenditures due to future regulatory compliance barriers.
Coinbase, the largest cryptocurrency exchange in the United States, has announced its formal opening in Japan in collaboration with Mitsubishi UFJ Financial Group (MUFG).
On Aug. 19, the company led by CEO Brian Armstrong announced the introduction of retail trading products that include “a suite of five leading assets based on trading volume,” with more assets and products to follow in the following 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, based in Tokyo, will see the bank deliver MUFG Quick Deposit, a fast fiat on-and-off ramp for Coinbase users in Japan.
“In line with our worldwide vision, we will strive to be Japan’s most user-friendly and trustworthy exchange, fully complying with local regulations.” According to the announcement,
Japan is expected to take action to analyze cryptocurrency around the world, according to reports.
Coinbase has had its eye on the Japanese market for some time, with Cointelegraph reporting in October 2019 that the company was seeking licensing clearance from the Financial Services Authority of Japan (FSA).
The Japan Virtual Currency Exchange Association, an FSA-approved and recognized self-regulatory organization, registered the company as a crypto exchange in March 2020. (JVCEA).
Coinbase has a cash-based war chest of roughly $4 billion, according to Cointelegraph, to prepare for decreased retail trading in the event of a probable “crypto-winter,” as well as greater expenditures due to future regulatory compliance barriers.
🇯🇵BIG NEWS!🇯🇵
We’re excited to be launching Coinbase in Japan, one of the first countries to embrace crypto and one of the largest markets by crypto trading volume in the world.
Details here 👇https://t.co/ZhsYiE3L2a
— Coinbase (@coinbase) August 19, 2021
