Coinbase Announces Plans to Expand to Japanese Markets
We're excited to announce that Coinbase is coming to Japan! 🇯🇵
— Coinbase (@coinbase) June 4, 2018
In the announcement, Coinbase outlines the reasoning behind its global expansion and the hiring of Nao Kitazawa as the new division’s CEO.
“As part of our effort to accelerate the global adoption of cryptocurrency, today we’re announcing the launch of Coinbase’s office in Japan. Under the leadership of the highly-respected and admired fintech leader, Nao Kitazawa, our new office will lay the foundation for Japan’s crypto investors to access a range of Coinbase’s products. 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.”
Kitazawa was the former COO of Money Design, a company that helped pioneer automated investment advice platforms in Japan, and spent time at Morgan Stanley Japan as an investment banker.
Last month, Coinbase made a number of substantial announcements, including its acquisition of Paradex, a crypto trading platform that leverages ERC-20 relay tokens to enable more expansive trading options in a decentralized fashion. Paradex’s platform will be integrated into the company’s new professional trading product, Coinbase Pro, which was unveiled as a re-branded GDAX.
While Japan has been cracking down on cryptocurrency exchanges recently, the country’s population and companies are quickly beginning to adopt digital assets. Recently, the banking unit of Mitsubishi UFJ Financial Group (MUFG), the fifth largest bank in the world based on total assets, is reportedly planning to launch its own cryptocurrency.
Coinbase is currently planning business registration with the FSA, which will make Coinbase services available to Japanese customers.