With the launch of a crypto exchange, Coinbase is expanding to Japan, in part through a partnership with the banking giant MUFJ Financial Group.
The 40 million MUFJ account holders will now be capable of easy cryptocurrencies buying and selling. The launch will include five virtual currencies, such as bitcoin, ethereum, litecoin, bitcoin cash, and stellar.
“With MUFG, millions of people in Japan are able to quickly access our platform and trade on our exchange with MUFG by offering a Quick Deposit for all Japanese customers on day one,” Coinbase told Wednesday in a blog post.
Coinbase will compete with GMO Coin in Japan, which is one of the biggest crypto trading markets. It was approved earlier this year to initiate its trade in Japan.
Coinbase plans to add trading capabilities over time in other virtual coins and to ‘localize’ their popular services such as Advanced Trading, Institutions Coinbase, and more.
In a resurgence of the prices of several cryptocurrencies, the Japanese launch by Coinbase starts after a multi-month sale starts on the day Coinbase was made public. Bitcoin has risen by approximately 50 percent since its recent low at approximately $30,000 while Ether and Doges show positive price trends also.
More about the UFJ financial group in Mitsubishi
Mitsubishi UFJ Financial Group, Inc. is a holding company that, through its subsidiaries, provides financial services. It operates across the sections of the following: Integrated Retail Banking Group, Integrated Corporate Banking Group, Integrated Trust Assets Group, Global Business Group, Global Markets and Others. The Integrated Retail Banking Group manages domestic companies that offer commercial, trust banking, securities trading and retail development, promotion, and marketing services. The Integrated Corporate Banking Business Group segment covers all domestic corporate businesses, including commercial banking, investment banking, trust banking, and securities businesses. Mitsubishi UFJ Financial Group, Inc. is a holding undertaking providing financial services through its subsidiaries. It operates in all areas: integrated retail banking, corporate banking integral group, integrated trust assets group, global business group, global markets, etc. The Internal Retail Banking Group is responsible for the management of domestic companies offering commercial, trust, securities trade, retail, promotional, and marketing services and services.