Japan’s Largest Bank Joins $10.5m Funding Round in U.S Exchange Coinbase

San Francisco headquartered Bitcoin exchange Coinbase has secured an additional $10.5 million in capital at its latest funding round. The new funds came from a small group of Japanese investors including Sozo Ventures and the Bank of Tokyo-Mitsubishi UFJ, Ltd.(MUFG), the largest bank in Japan, as well as its subsidiary Mitsubishi UFJ Capital (MUCAP).

This isn’t the first we’ve heard about MUFG taking an interest in blockchain technology or cryptocurrencies. In June reports surfaced in Japan that the bank is working on utilizing blockchain technology to create its own ‘coin’. The bank is expected to launch apps for mobile devices as well as ATMs that will support client access to the new offering by 2018. Not much is known about the “MUFGCoin” that will eventually be released but it is believed to be pegged to the Japanese yen with an exchange rate of ¥1 per coin.

The American exchange that is still not operating in the Japanese Bitcoin market issued this statement about the latest move: “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. Partnering with leading global financial institutions is a key part of our strategy and we are thrilled to be working with BTMU.

While we do not yet offer digital currency exchange services in Japan, we are committed to continued international expansion and look forward to working with BTMU to support this focus in key markets in Asia and globally.”

In May it was revealed that Coinbase is planning to add support for the trading of ether, the digital currency unit behind Ethereum. The exchange which has so far only been focused on Bitcoin has announced its intentions after months of preparations for the move.

(Photo: Wikimedia Commons)

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