Coinbase has entered the Japanese market through a partnership with the Japanese financial conglomerate Mitsubishi UFJ Financial Group (MUFG).
Coinbase announced on Thursday that it is launching Coinbase Japan as part of its global strategy in one of the largest crypto trading volumes markets.
“In line with our global strategy,” the firm said in a statement, “we will aim to be the easiest to use and most trusted exchange in Japan that is fully compliant with local regulations.” “That is why we are excited to announce our partnership with MUFG, one of Japan’s largest banks with 40 million Japanese customers.”
According to the statement, the partnership will provide Japanese customers with access to fiat on- and off-ramps via MUFG’s Quick Deposit services.
The exchange stated that it will initially support trading for the five largest crypto assets by trading volume, with more assets to follow in the coming months, but no specific names were provided.
Coinbase has stated that it intends to launch additional localized versions of its existing global services, such as advanced trading and Coinbase for Institutions.