Coinbase Launches Crypto Exchange in Japan

Coinbase officially launches in Japan via a partnership with Mitsubishi UFJ Financial Group (MUFG), a Japanese bank that will provide direct deposit services to the crypto exchange.

The partnership will enable Coinbase’s Japanese clients to deposit funds through MUFG’s Quick Deposit service, as the company aims to become “the easiest to use and most trusted exchange in Japan that’s fully compliant with local regulations.”

Earlier this month, the California-based company announced its Q2 earnings, posting a record-breaking profit of over $1.6 billion.

Coinbase goes retail first

Coinbase noted that they will be offering retail products based on the five largest cryptocurrencies by trading volume, with more assets and products to be rolled out in the future.

The first five supported assets include Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Stellar.

The company will seek to offer services for institutional traders and investors. Other plans include the integration of localized versions of the existing global services, such as advanced trading among others.

Coinbase is sure to face stiff competition in Japan, as the country has several established crypto exchanges, including bitFlyer, BitBank, CoinCheck, and the recently hacked Liquid.

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