Reports show that Japan is one of the countries with the highest trading volume. Therefore, a lot of exchanges are trying to penetrate and gain market dominance in Japan.
In lieu of that, Coinbase announced the launch of its Japanese arm. Seeing that a lot of exchanges are having issues with regulators, Coinbase will establish this Japanese arm in full compliance with the municipal regulations.
Therefore, Coinbase is partnering with one of the largest banks in Japan, namely Mitsubishi UFJ Financial Group (MUFG). The essence of this partnership is to leverage the MUFG Quick Deposit.
The Japanese citizens are familiar with using the MUFG Quick Deposit. Thus, Coinbase will use it to facilitate seamless depositing of funds.
Coinbase has more plans for Japan. The first is customizing its products to fit perfectly for the Japanese users, and also introduce more products that will ensure better user experience in the future.
About Coinbase and MUFG
Coinbase is an American cryptocurrency exchange that Brian Armstrong established in 2012, and has grown rapidly since then.
Now, Coinbase boasts of more than 68 million throughout the world, and a quarterly trading volume of $462 billion. More significantly, the exchange became a unicorn in June this year as it hit a $1 billion valuation.
On the other hand, MUFG bank claims to be the largest bank in Japan. Also, the bank’s tentacles are across 40 other countries.