According to a report from leading bitcoin exchange Coinbase, the company has received funds from the BTMU or Bank of Tokyo Mitsubishi UFJ. Despite the fact that Coinbase is not yet operating in Japan, the Mitsubishi UFJ Capital bank branch has sent over $10.5 million for investment on the company. The funding was sent by the bank together with another company which is the Sozo Ventures. This investment was said to be a tactic for the partnership which concerns their venture for a long-term plan of expanding.
Coinbase is known to be the largest company in the world that does bitcoin transactions. The company is now in operation among 32 different countries but it is not yet operating in Japan. The exchange company has current operation in Singapore. The company revealed that it is planning for an international expansion and Japan is a large part of it.
According to Coinbase’s international expansion and banking lead, Sam Rosenblum, they consider BTMU is a strong partner when it comes to business dealings not just in Asia but as well as the entire world. He also added that Japan is a valuable market for the company and a critical part in order to further the development of the leading digital currency nowadays.
Bitcoin is considered a digital currency and it gives users the ability to transfer money all over the globe as fast as possible and with anonymity. The transaction is done without requiring a middle man to verify it.
Rosenblum also revealed that the San Francisco branch of Coinbase is already on the works with BTMU for almost a year regarding different projects. The projects are the very reason why the strategic funding happened in the first place.
Sozo Ventures, on the other hand, have headquarters in both Tokyo and Silicon Valley. They played a big role in bringing the social platform to Japan. Before Coinbase, the leading bitcoin exchange, can operate in Japan, a regulatory approval is required which will come from the Financial Services Agency of the country. According to Rosenblum, there is no schedule yet as to when Coinbase will start operating in Japan.