2021-8-20 13:38 |
Coinbase, a leading American crypto exchange headquartered in Wilmington, Delaware, has launched in Japan. The exchange unveiled this news via a blog post earlier today, noting that this launch aligns with its global strategy of increasing economic freedom in the world. With this expansion, Coinbase intends to become the most trusted crypto exchange in Japan.
In the blog post, Coinbase also announced that it had joined hands with Mitsubishi UFJ Financial Group (MUFG), a leading Japanese bank that serves approximately 40 million clients. Through this partnership, Coinbase and the bank will enable the MUFG Quick Deposit feature, which will offer Japanese citizens easy access to the Coinbase platform.
Coinbase added that its launch in Japan is the first step in a long journey. The exchange said it is dedicated to increasing the use of cryptocurrencies by introducing the best-in-class product offering. Additionally, Coinbase noted that it would initially roll out retail products, which include a suite of five leading cryptocurrencies by trading volume. After this, the exchange seeks to support more crypto assets and products over the next few months.
On top of this, Coinbase intends to launch local versions of globally popular services, including advanced trading and Coinbase for Institutions, among others.
Tapping into a lucrative marketCoinbase went live as a Bitcoin trading platform in 2012. The exchange has since expanded to offer services to more than 68 million individual users and 9,000 institutional clients in over 100 countries. On top of this, Coinbase became the first crypto exchange to go public on a US stock market.
Explaining why it decided to branch into Japan, Coinbase noted that Japan was one of the first countries to adopt crypto. On top of this, Japan is one of the largest crypto markets in the world by trading volume. By joining hands with MUFG, Coinbase has all it needs to onboard the bank’s 40 million clients on its platform.
It is worth noting that Coinbase has been eyeing the Japanese market for years, and this launch comes after a lot of preparation. The exchange’s first known move into Japan was in 2018, when its then Chief Policy Officer, Mike Lempres, disclosed plans to secure a license with Japan’s Financial Services Authority (FSA). The FSA granted Coinbase a permit in June this year, greenlighting the exchange to offer trading services on Bitcoin (BTC/USD), Bitcoin Cash (BCH/USD), Ethereum (ETH/USD), Stellar Lumen (XLM/USD), and Litecoin (LTC/USD).
The post Coinbase Exchange launches in Japan as part of its global strategy appeared first on Invezz.
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