Coinbase teams up with Bank of Tokyo-Mitsubishi to fuel Asian expansion

Coinbase teams up with Bank of Tokyo-Mitsubishi to fuel Asian expansion

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Coinbase, one of world’s largest bitcoin exchanges, announced it has formed a strategic partnership with Japan’s largest bank – the Bank of Tokyo-Mitsubishi (BTMU) in order to support its long-term expansion strategy.

Coinbase has also formed a joint venture with another subsidiary of the Mitsubishi UFJ Financial Group – the Mitsubishi UFJ Capital and the Japanese IT investment fund Sozo Ventures.

In its announcement Coinbase notes that the new partnership does not mean it is offering trading in Japan yet, but will seek further expansion on the Asian cryptocurrency market.

Several weeks ago the Japanese daily The Asahi Shimbun reported that BTMU is planning to launch its own digital currency – the MUFG Coin – by the autumn of 2017. Japan is one of the countries fully embracing the boom of the digital and cryptocurrencies, with many retailers already accepting payments in Bitcoin and the recent legal amendments regulating the cryptocurrencies exchanges.

Coinbase was established in 2012 in San Francisco and is believed to be the largest bictoin-focused company in terms of investment. According to the CurnchBase website, since its establishing in 2012, Coinbase has attracted investments totaling $106.71 million in four rounds.  It operates exchanges between bitcoin and fiat currencies in 32 countries, and bitcoin transactions and storage in 190 countries worldwide.

Until recently Coinbase was offering trading only in Bitcoin, but in May it expanded its offering by adding the second most valuable cryptocurrency – the Ether.

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