Coinbase, the largest cryptocurrency exchange in the United States, announced on Thursday that it will cooperate with Mitsubishi UFJ Finance.The group cooperated to launch a cryptocurrency exchange in Japan to allow account holders of Japan's largest bank to buy and sell virtual currencies.
Coinbase received operational approval from Japanese regulators earlier this year, and 31 companies in Japan are currently registered to trade in cryptocurrencies.
"our goal is to reach a wide range of customers by providing low-threshold services," Nao Kitazawa, head of Coinbase Japan, said at a briefing on Thursday. The company will initially allow transactions in five digital currencies, including Bitcoin, Ethernet place, Lettercoin, Bitcoin Cash and Stellar.
Bank of Mitsubishi UFJ is its payment partner in Japan and account holders of the bank can easily buy cryptocurrencies on the exchange, Coinbase said. Mitsubishi UFJ is also an investor in Coinbase. Kitazawa said account holders of other banks cannot use Coinbase for trading for the time being.