With the help of major Japanese bank Mitsubishi UFJ Financial Group, Coinbase has launched "quick deposits" in Japan.
In a partnership with Mitsubishi UFJ Financial Group (MUFG), Coinbase, the world's most valuable crypto exchange by market value, announced its official launch in Japan.
Brian Armstrong, CEO of Coinbase, announced on Aug. 19 that it would first launch retail trading products that include "a suite of five top assets based on trading volume," with more assets to follow in the coming months.
"As part of our expansion plans, we'll also introduce more localized versions of globally popular services like advanced trading, Coinbase for Institutions, and more." He stated.
According to its press release, the partnership with Tokyo bank MUFG will enable Coinbase customers in Japan to quickly deposit and withdraw fiat.
"Because of this, we're excited to announce a partnership with Mitsubishi UFJ Financial Group (MUFG), one of the world's largest banks, serving 40 million customers in Japan. Through this partnership, MUFG Quick Deposit will be made available to all customers in Japan from day one, enabling them to trade on our exchange quickly and easily," Armstrong continued.
The announcement noted that the company aims to be the easiest to use and most credible Crypto exchange in Japan that fully adheres to local regulations.
For a while, Coinbase has been looking at the Japanese market, in October 2019 the firm submitted a licensing application to Japan's financial regulator, the Financial Services Authority.
It also obtained self-regulatory status from the Japan Virtual Currency Exchange Association (JVCEA) last year.