Coinbase Partners With MUFG To Initiate Crypto Exchange In Japan

SYNOPSIS

  • Coinbase’s Japan chief wants to hire product developers.
  • Coinbase Japan will begin by trading five digital tokens.

Coinbase japan

Coinbase Global Inc. and Mitsubishi UFJ Financial Group Inc. have partnered to launch a cryptocurrency exchange in Japan, allowing account holders at the country’s largest bank to buy and sell virtual currencies.

The largest cryptocurrency exchange in the United States received regulatory approval in Japan earlier this year, where 31 companies are registered to trade the assets. It faces local competition from Monex Group Inc.-owned Coincheck Inc. and GMO Coin Inc.

Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Stellar were the first five digital currency that the corporation allowed for trade.

“We aim to reach out to a wide range of customers by offering low-hurdle services.”— Nao Kitazawa, head of Coinbase Japan

Coinbase said that MUFG Bank is a payment partner in Japan, adding that account holders of the bank can simply purchase cryptocurrency on the exchange.

Coinbase Global is backed by MUFG. Other banks’ account users are unable to transact with Coinbase, according to Kitazawa.

Nao Kitazawa wrote in his tweet that, “I look forward to working with you all in Japan!” after coinbase launched its first look in Japan.

OPPORTUNITIES

Kitazawa, a former Morgan Stanley banker, said in an interview that Coinbase Japan now employs approximately 30 people and is aiming to add more for product development.

While Coinbase began by focusing on retail consumers in Japan, Kitazawa is bullish about the prospects for institutional business, given the global trend of asset management firms, pension funds, and endowments directing money to cryptocurrency.

He stated that an increasing number of institutional investors want to speak with us. “Their questions have become more specific recently,” he says, adding that if there is a demand, the company may engage staff to cater to institutional investors in Japan.

For more interesting and informative Twitter Talks and News, stay connected.