Coinbase, one of the leading crypto wallet providers and exchange services, disclosed its desire to expand to the Japanese crypto market yesterday, June 4.
The US-based crypto giant plans to apply for a license from the Financial Services Agency (FSA), Japan’s official financial regulator, at least before this year ends. This move is being reinforced by Coinbase’s partnership with Mitsubishi UFJ Financial Group (MUFG); the said financial group has already invested on the American crypto giant since 2004, currently totaling about 1 bln Japanese Yen via Mitsubishi UFJ Capital and Mitsubishi UFJ Bank, among others.
Furthermore, Coinbase intends to prioritize in trading top cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), among others. The crypto giant is confident that it will be welcome in the market, since it has already established a strong reputation as one of the topnotch digital wallet providers and exchange services, catering to up to 20 mln crypto enthusiasts and made trades amounting to $150 bln as of the current date. Not to mention that it has already attained a $1 bln revenue in 2017.
This strategic plan by Coinbase apparently seems very timely, since the Japanese crypto market proves teeming with life — a previous report showed that there are about 3.5 mln Japanese crypto investors, according to Japan’s Virtual Currency Exchange Association.