Bitcoin exchange and platform Coinbase has announced new investment and partnership with the Bank of Tokyo-Mitsubishi UFJ (BMTU), Japan’s biggest bank. The endeavor will see Coinbase look toward expansion efforts in Japan and Asia.
Bitcoin exchange and services platform Coinbase will raise $10.5 million from Japanese investors today with the aim to launch services in Japan. Currently, Coinbase only has an Asian presence in Singapore.
Investors include the Mitsubishi UFJ Financial Group (MUFG) and the Bank of Tokyo-Mitsubishi UFJ (BMTU) Japan’s largest lender and bank, respectively. The latter is a subsidiary of MUFG. Investors will also include Mitsubishi UFJ Capital (MUCAP), the banking corporation’s venture-capital fund and Sozo Ventures, a California-based venture capital firm that is also established in Japan.
In a statement, Coinbase said via its blog:
Partnering with leading global financial institutions is a key part of our strategy and we are thrilled to be working with BTMU.
Beyond its new investment in the cryptocurrency industry, MUFJ has notably shown its interest in digital currencies in the past. Earlier this year, reports revealed that MUFG had begun a trial for its own virtual currency, rumored to be called MUFG coin. It was later rumored that MUFG was also developing a two-way ATM machine for MUFG coin and the Japanese yen, due for a launch in spring 2018.
The trial was then confirmed by the bank itself, and the bank-issued digital currency is expected to see a launch in autumn 2017.
Furthermore, Coinbase added that it is continuing its international expansion, with its new partnership with BTMU aiding its effort to focus on the Japanese market.
Coinbase has previously raised $75 million in a Series C financing round which saw the likes of the New York Stock Exchange, military-centric financial services company USAA and the investment arm of Spanish banking group BBVA.
Featured image from Shutterstock.