Coinbase , a San Franciso-based leading bitcoin exchange and wallet service provider, has announced that it has entered into a strategic partnership with Bank of Tokyo-Mitsubishi UFJ (BTMU) to support Coinbase's long-term international expansion efforts.
“At Coinbase, our mission is to create an open financial system for the world by building the bridge between financial institutions and the new world of digital finance”, Coinbase said in a blog post. “Partnering with leading global financial institutions is a key part of our strategy and we are thrilled to be working with BTMU”.
BTMU is the largest bank in Japan and a subsidiary of the Mitsubishi UFJ Financial Group (MUFG). Additionally, BTMU, Mitsubishi UFJ Capital (MUCAP), and Sozo Ventures have jointly made a strategic investment in Coinbase.
Coinbase currently does not offer digital currency exchange services in Japan. It will work with BTMU for international expansion of its services, with particular focus on key markets in Asia.
Earlier this year, reports floated in the media about MUFG developing its own digital currency “MUFG coin” as part of its research into blockchain and distributed ledger technology. However, bank representatives said last month that the bank is still weighing how it might move its blockchain technology experiments forward, and has yet to decide what the MUFG coin will be or whether it will be released.
