Coinbase goes live in Japan after partnering with MUFG-the country’s banking giant Mitsubishi UFJ Financial Group, providing quick deposits and fiat on-and-off ramp as we are reading more in our latest coinbase news today.
Coinbase goes live in Japan after it announced a partnership with the banking giant Mitsubishi UFJ Financial Group. The company led by CEO Brian Armstrong announced that it will first launch retail trading products like a suit of five top assets based on trading volume with even more assets and products to be listed on teh platform in the next few months:
“We also plan to introduce more localized versions of globally popular services such as advanced trading, Coinbase for Institutions, and more in the future,”
We’re excited to be launching Coinbase in Japan, one of the first countries to embrace crypto and one of the largest markets by crypto trading volume in the world.
Details here 👇https://t.co/ZhsYiE3L2a
— Coinbase (@coinbase) August 19, 2021
The new partnership with MUFG will see the bank provide a fiat on-and-off ramp for coinbase customers called MUFG Quick Deposit:
“In line with our global strategy, we will aim to be the easiest to use and most trusted exchange in Japan that’s fully compliant with local regulations.”
Coinbase had its eyes on the Japanese market for a while now and back in October 2019, the company said it was seeking licensing approval from Japan’s financial regulator- the FSA or Financial Services Authority. The company registered a crypto exchange with an FSA approval and self-regulatory organization the Japan Virtual Currency Exchange Association. Coinbase hoarded some funds worth $4 billion to prepare for teh decrease in retail trading in case of a possible “crypto winter” along with the increase in costs brought on by teh regulatory compliance hurdles.
As recently reported, Former SEC Director Brett Redfearn left crypto exchange Coinbase after 4 months of working at the crypto company giant. The rift points to a strategy shift in the publicly traded crypto exchange as sources said, with Coinbase deciding to shift its priorities away from the digital-asset securities. The source with knowledge of the situation said that the shift reflected the growing consumer demand for access to decentralized finance while they are looking to prioritize Defi but ended up deprioritizing the digital asset securities area. The split with Redfearn came as actions in Washington cast doubt whether the tokenized stocks comply with the regulatory framework. Binance for example was hit hard for its securities product and discontinued the product in July.
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