The largest U.S. player in the cryptocurrency market Coinbase announced its plans to enter the Japanese market.
Coinbase intends to apply for a license from the financial regulator of the country of the financial services Agency (FSA), “during the year”. Recall that according to the Law on payment services Japan, which was adopted in April of 2017, all cryptocurrency exchanges must obtain a license.
Coinbase is working to enter Japanese market in cooperation with Mitsubishi UFJ Financial Group (MUFG). Since 2004, MUFG has invested more than 1 billion yen in Coinbase via Bank Mitsubishi UFJ and Mitsubishi UFJ Capital.
CT Japan also reports that the Japanese branch Coinbase will focus on the major cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH).
To date, Coinbase has more than 20 million customers. For 2017 revenue of the company amounted to about $ 1 billion, and the valuation of the company is approximately $ 8 billion. Recently, the exchange has launched a series of new products aimed at attracting large institutional clients.
Japanese cryptocurrency market is growing at a stunning pace. According to a recent assessment of the Japanese Association of exchangers of virtual currencies, the number of Japanese investors is approximately 3.5 million. Therefore, despite increasingly restrictive regulations it attracts new players. Recently it became known about the acquisition of the Japanese cryptocurrency exchange BitTrade entrepreneur from Singapore. According to some estimates the size of the transaction was approximately $ 50 million.