Coinbase has partnered with MUFG’s national bank in Japan to offer its clients crypto services. The largest bank in Japan will allow deposits, withdrawals, and exchanges between Bitcoin, Ethereum, and other decentralized tokens.
The crypto trading company has moved its influences with the bank, so affiliated clients benefit from these new investment models. All this happens even though some authorities in the country seek to regulate the virtual market.
When Coinbase announces its expansion into Japan, Liquid’s cryptocurrency platform announces hacked the system. Liquid does not disclose how much money they lost in the cyberattack, although some crypto fans speculate that it was more than $80 million. This cyberattack comes after the Poly Network platform suffered a theft of $600 million earlier this month.
Coinbase deal with MUFG promising
It is amazing how the agreement between Coinbase and the Japanese bank MUFG can benefit citizens. According to the figures shared by the national bank, over 34 million users will have access to cryptocurrencies as long as they meet the conditions in the agreement. Coinbase services will be available to MUFG, although the platform can expand its operations throughout the country.
This Coinbase and MUFG partnership is achieved after five years of negotiations making the exchange platform enter the crypto wallets competition in Japan. Over 30 cryptocurrency platforms are licensed in Japan.
The crypto platform’s headquarters in Japan obtained the permits to trade in the third-largest economy country in the world in June. However, the crypto exchange did not reveal under what conditions it will work in the Asian territory with the bank.
In April 2017, the Japanese government became the driving force behind cryptocurrencies by officially recognizing the value of Bitcoin and approving its legal use. In that same year, national authorities approved over 10 crypto platforms for public use. However, in 2021, executives in the country have questioned the use of crypto and tried to regulate them.
Coinbase could be the redemption step that the Japanese government wants to take towards crypto. This new society could define whether the country agrees with the decentralized market or continues regulating them.
The US cryptocurrency firm could increase the sale of the tokens and drive new business adoptions. The boom in crypto transactions in Japan increased in 2021, bringing many benefits to its economic model. However, several experts from the financial service think that crypto platforms should be monitored to avoid theft, money laundering, or hacking.