Coinbase and MUFG have teamed together to create a cryptocurrency exchange in Japan.

Spotlight:

  • Coinbase has partnered with MUFG to grow into Japan.
  • MUFG’s 40 million account users will be able to purchase and trade cryptocurrency as a result of the cooperation.
  • Coinbase will start with five cryptocurrencies in Japan, including bitcoin, ether, and litecoin.

Coinbase is launching a crypto exchange in Japan, thanks in part to a collaboration with banking behemoth Mitsubishi UFJ Financial Group.

MUFJ’s 40 million account holders will now be able to purchase and trade cryptocurrency with ease. Bitcoin, ethereum, litecoin, bitcoin cash, and stellar will be the first five virtual currencies accessible for trading.

“Our partnership with MUFG will help millions of people in Japan access our platform quickly and begin trading on our exchange by offering MUFG Quick Deposit for all customers in Japan from day one,” Coinbase stated in a blog post on Wednesday.

Coinbase will compete in Japan with Coincheck and GMO Coin, which is one of the top markets in terms of cryptocurrency market cap. Coinbase was granted permission to open an exchange in Japan early this year.

Over soon, Coinbase aims to introduce trading features for additional virtual currencies, as well as “localised versions” of its popular services like advanced trading, Coinbase for Institutions, and others.

Coinbase’s Japan debut comes as the price of many cryptocurrencies has risen after a multi-month sell-off that began the day Coinbase made headlines.