Digital Assets: Coinbase Launches In Japan; Ties Up With Mitsubishi UFJ

August 19, 2021 | Digital Assets, News
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Japan is one of the largest markets by crypto trading volumes globally.

Coinbase (NASDAQ: COIN) announced today the launch of digital assets trading in Japan, a country that was among the first off the block to embrace cryptos. The company said it intended to be a fully compliant and most trusted crypto exchange in Japan that would also be the easiest to use. (The Coinbase Blog)

A Coinbase subsidiary was cleared in June by Japanese regulator Financial Services Agency (FSA) to function as a crypto exchange service provider.

The company was approved to trade the bitcoin, bitcoin cash, ether, stellar lumen, and litecoin cryptoassets.

Coinbase tie-up with Mitsubishi UFJ

Coinbase has tied up with Mitsubishi UFJ Financial Group (NYSE: MUFG), the Japanese bank holding and financial services company that serves 40 million Japanese customers.

“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,” it said in a blog.

The MUFG Quick Deposit facility would allow for MUFG customers interested in crypto trading to convert their fiat money into crypto assets in a Coinbase account and buy and sell them on the exchange.

According to a Bloomberg report, which quoted Nao Kitazawa, head of Coinbase Japan, account holders at other banks cannot transact with Coinbase. MUFG, it may be noted, has been an investor in the crypto exchange for the past five years.

An FT report said it was possible that the exchange would extend the arrangement to customers of other banks if successful.

Top five crypto assets to be traded

“We will be launching retail products first including a suite of five top assets based on trading volume, and will add more assets and products in the coming months,” Coinbase wrote.

In somewhat unfortunate timing, news also broke today that Japanese crypto exchange Liquid Global had been hacked and that the value of digital assets siphoned off in bitcoin, ether, ripple, tron, and others could be upward of $90 million.

Liquid Global has suspended deposits and withdrawals.

Related Story:  Coinbase Debut – Crypto’s “Watershed” Moment                                                 

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