Crypto exchange giant Coinbase has teamed up with Mitsubishi UFJ Financial Group to start a cryptocurrency exchange in Japan, which allows account holders at the nation’s biggest bank to buy and sell cryptocurrencies. Coinbase got regulatory approval earlier this year in Japan, where 31 companies are registered to trade the assets and face local competition from companies such as Coincheck, owned by Monex Group, and GMO Coin Inc.
Crypto exchange aims to reach out to a wide range of customers.
“We aim to reach out to a wide range of customers by offering low-hurdle services,” Nao Kitazawa, head of Coinbase Japan, noted. The crypto firm started by allowing trading in five digital coins: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Stellar. The largest U.S. cryptocurrency exchange said MUFG Bank is a payment partner in Japan, and the bank’s account holders can easily buy crypto on the exchange. MUFG is an investor in Coinbase Global. Account-holders at other banks can’t do transactions with the crypto exchange, Kitazawa said.
Coinbase Japan is looking to hire more for product development.
In an interview, Kitazawa, a former Morgan Stanley banker, said Coinbase Japan has a staff of about 30 people currently and is looking to hire more for product development. While Coinbase started by targeting retail customers in Japan, Kitazawa said he is optimistic about the prospect for institutional business, given the global trend of a growing number of asset management companies, pensions, and endowments allocating money to crypto. He further noted that an increased number of institutional investors are interested in talking to them over the same.
