Coinbase to launch cryptocurrency exchange in Japan

Coinbase to launch cryptocurrency exchange in Japan

Bitcoin exchange Coinbase has announced that it is entering the Japanese market in partnership with financial giant Mitsubishi UFJ Financial Group (MUFG).

Bitcoin exchange Coinbase has announced that it is entering the Japanese market in partnership with financial giant Mitsubishi UFJ Financial Group (MUFG).

The company announced the launch of "fully locally compliant" Coinbase Japan as part of its global strategy.

According to the announcement, the partnership with MUFG, which serves 40 million customers in the country, is designed to enable deposits and withdrawals of fiat funds from day one of the platform.

Initially, the exchange will offer retail products to Japanese customers, including "five core assets", which it did not name.

One user posted a snippet of Coinbase's application for registration with the Financial Services Agency of Japan. It lists bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Stellar Lumen (XLM) and Litecoin (LTC).

Going forward, Coinbase plans to add more assets to the Japanese site and localise its products and services, including those intended for corporate clients.

As a reminder, Coinbase's revenue for the second quarter of 2021 amounted to $2.2bn.

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