Coinbase is expanding into Japan with the launch of a crypto exchange, enabled in part by a partnership with banking giant Mitsubishi UFJ Financial Group.
The 40 million account holders at MUFJ will now have the ability to easily buy and sell cryptocurrencies. The launch will first include five virtual currencies available to trade, including bitcoin, ethereum, litecoin, bitcoin cash, and stellar.
“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 said in a blog post on Wednesday.
Coinbase will face competition from Coincheck and GMO Coin in Japan, which is one of the largest markets by crypto trading volume. Coinbase received approval to launch its exchange in Japan earlier this year. Coinbase partners with MUFG to launch crypto exchange in Japan | Currency News | Financial and Business News | Markets Insider (businessinsider.com)