Coinbase Enters Japan via MUFG

2021-08-19 16:58:11

Coinbase enters Japan via MUFG (Mitsubishi UFJ Financial Group) in an attempt to conquer the Japanese crypto-market. More specifically, one of the leading crypto exchanges will use MUFG’s assets and infrastructure in order to have access to perform on-and-off ramps.

Coinbase is planning to enter the Japanese crypto-market for quite some time now. Particularly, in October 2019, this crypto-exchange filed for a license request with Japan’s financial regulator, the FSA (Financial Services Authority).

Moreover, in March 2020, Binance got approval from the JVCEA(Japan Virtual Currency Exchange Association), which operates as a self-regulatory authority under the FSA.

Binance CEO Brian Armstrong revealed on Thursday that the company will begin its mission by offering retail trading products. According to the official statement, this will include a suite of five top assets based on the trading volume’. Additionally, the rest of the Binance products and services will be available for the citizens of Japan by the end of the year.

We also plan to introduce more localized versions of globally popular services such as advanced trading, Coinbase for Institutions, and more in the future.Brian Armstrong | CEO of Binance

Coinbase already has quite the crypto-stash for the upcoming winter. More specifically, $4b in cash. This definitely means that Coinbase enters Japan with enough assets to easily face a sudden drop of cryptocurrencies.

The fiat on-and-off ramp that Coinbase provides thanks to MUFG is named MUFT Quick Deposit. The Mitsubishi UFJ Financial Group is the largest bank in Japan. As such, it is the perfect candidate for Binance to guarantee the utmost safety and security.

In addition to following the state’s crypto laws and local regulations. Which after the recent crypto hacks of PolyNetwork($610m) and Liquid($97m) seems like an imperative for Binance. Especially since Liquid is a Japanese crypto-exchange, and combined with PolyNetwork lost more than 700m.

 

 

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