Coinbase is already a popular digital wallet and exchange choice among the US populace and will look to expand its horizon, starting with the Asian nation, Japan.
According to reports, the exchange service will undergo the due registration process, beginning with the application for a license at Japan’s Financial Services Agency (FSA), ‘’within the year’’ 2018.
Tokyo based Mitsubishi UFJ Financial Group will closely work with Coinbase to quicken penetration into the region which currently boasts roughly 3.5 million cryptocurrency investors according to Japan’s Virtual Currency Exchange Association (JVCEA).
Following the license approval, the company will prioritize supporting Bitcoin (BTC) and Ethereum (ETH) for its new client base, with other tokens to be subsequently added.
Is Coinbase Ready For Japan?
While Coinbase has arguably taken to the US crypto ecosystem like fish to water, the company could struggle to establish itself in a territory where the world’s biggest exchanges live – Binance, OKEx, and Huobi.
The Coinbase exchange reportedly has over 20 million users, a large fraction based in the US and has to date traded $150 billion on its platform.
There also tight regulations governing crypto exchanges in Japan with a further five added in May.
Its alliance with the MUFG, a financial service company with mileage throughout Japan will no doubt make Coinbase integration into the Japanese market a lot easier.
The group remains Coinbase biggest investors with a reported 1 billion yuan to date and will play its part to ensure Coinbase will be a success in Japan.