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Coinbase Raises Investment, Eyes Japanese Market

Avatar Gautham 4 years ago

Bitcoin wallet and trading company Coinbase today announced that it is partnering with Mitsubishi UFJ Financial Group Inc. (NYSE : MTU), one of the Japan’s leading financial institutions.

The US Bitcoin startup confirmed that it will receive a considerable investment of $10.5 million from their new partners from the East. The funds, as it further stated, will be allocated to expand Coinbase’s Bitcoin operations in Japan.

Japan’s Bank of Tokyo Mitsubishi UFJ and Sozo Ventures also invested undisclosed sums in the company.

A Great Asian Expansion

While announcing the news on its blog, Coinbase reiterated its mission to create a worldwide open financial system which will act as a bridge between conventional financial institutions and the digital currency ecosystem.

Fred Ehrsam, the co-founder of Coinbase, was quoted on a leading publication saying:

“Partnering with leading global financial institutions is a key part of our strategy and we are thrilled to be working with BTMU, (Bank of Tokyo Mitsubishi UFJ”

The entry into Japan will mark Coinbase’s second market in the Asian continent as the company is already offering its services in Singapore. Asia is considered a market with huge potential mainly due to its large remittance market, and a large unbanked population. Coinbase will be able to capture a considerable chunk of the Bitcoin market, due to its long-standing reputation and services.

On the other hand, the company has been receiving few negative backlashes from the existing customers in the United States for its unusually long customer service response times and few issues with the GDAX platform. While the company has not offered any clear explanation or issued an apology to the Bitcoin community for the deficiency in service, it is assumed that the issues are mainly due to increased requests from customers arising due to few glitches in the platform. These issues are expected to be resolved soon to offer seamless service to its customers.

READ MORE: Coinbase Users Fume as Platform Experiences Growing Pains

Many mainstream investors have started to expand their portfolio in the digital currency space owing to its increased adoption among the population. We can expect more investments to flow into the sector in the coming days.

Ref: Coinbase Blog | WSJ | Image: Coinbase

 

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