What’s Going On?
US crypto company Coinbase has unveiled expansion plans for Japan, with a new CEO and office on the ground to help accelerate global acceptance of cryptocurrencies.
Why Does It Matter?
Coinbase has explored expansion into Japan since at least July 2016 when it partnered with Bank of Tokyo-Mitsubishi UFJ (BTMU), a subsidiary of the Mitsubishi UFJ Financial Group, reported Bitcoin News.
New CEO Nao Kitazawa is the former COO of Money Design, a company that helped pioneer automated investment advice platforms in Japan. Before that, Kitazawa was an investment banker with Morgan Stanley Japan, supervising merger and acquisition deals and real estate sector funds.
What’s The Plan?
“As in other markets, we plan to take a deliberate approach to our rollout in Japan, which means working hand-in-hand with the Japanese FSA to ensure compliance with local laws at every stage,” said Coinbase Vice President and GM Dan Romero in an official announcement.
“Upon our business registration with the FSA, Coinbase services available to Japanese customers will be provided with Japanese language translations for ease of use,” said Romero. “We look forward to sharing more about our plans for Japan soon.”
Last month we reported Coinbase had purchased Ethereum startup Paradex, a service which allows users to trade cryptocurrencies without relying on a trusted third party.