Society

Coinbase teams up with MUFG to expand into Japanese crypto market

Aug 20 (businesslive.co.za) - Largest US cryptocurrency exchange enters a crowded field in Japan with offering exclusive to MUFG account holders

Coinbase Global teamed up with Mitsubishi UFJ Financial Group (MUFG) to start a cryptocurrency exchange in Japan, which allows account holders at the nation’s biggest bank to buy and sell virtual currencies.

The largest US cryptocurrency exchange got regulatory approval earlier in 2021 in Japan, where 31 companies are registered to trade the assets, and faces local competition from companies such as Coincheck that is owned by Monex Group and GMO Coin.

“We aim to reach out to a wide range of customers by offering low-hurdle services,” Nao Kitazawa, head of Coinbase Japan, said in a briefing on Thursday. The company started by allowing trading in five digital coins: bitcoin, ethereum, litecoin, bitcoin cash and stellar.

Coinbase said MUFG is a payment partner in Japan and the bank’s account holders can easily buy crypto on the exchange. MUFG is an investor in Coinbase Global. Account holders at other banks cannot do transactions with Coinbase, Kitazawa said.

In an interview, Kitazawa, a former Morgan Stanley banker, said Coinbase Japan has staff of about 30 people and is planning to hire more for product development.

While Coinbase started by targeting retail customers in Japan, Kitazawa said he is optimistic about the prospect for institutional business, given the global trend of a growing number of asset management companies, pensions and endowments allocating money to crypto.

Over 300 New Geoglyphs Discovered by Yamagata University in Nazca

Yamagata University, which has been conducting research on the Nazca geoglyphs in Peru, announced the discovery of over 300 new geoglyphs, depicting a variety of subjects, including humans and animals.

University of Tokyo Raises Tuition Fees for First Time in 20 Years

The University of Tokyo has officially decided to increase tuition by approximately 110,000 yen for incoming undergraduate students starting next academic year, bringing the total to 642,960 yen.

Flooding Hits Temporary Housing in Quake-Stricken Wajima

Flooding has reached the temporary housing in Wajima City, built for earthquake victims, and volunteers have begun clearing the mud starting on September 24.

Russian military plane intrudes into Japanese airspace, Tokyo lodges protest

A Japanese government spokesperson says a Russian military airplane entered Japanese airspace three times on Monday. (NHK)

Kishida vows in meeting with Zelenskyy continued support for Ukraine

Japanese Prime Minister Kishida Fumio has conveyed his country's intention to maintain support for Ukraine to President Volodymyr Zelenskyy. (NHK)

MEDIA CHANNELS

MORE Society NEWS

Woman in Floral Mini-Skirt Targets Zoo Outlets with Mysterious Tape

Strange incidents involving a woman placing black tape on outlets have been occurring around zoos in the Izu area of Shizuoka Prefecture.

Japanese Households with Buddhist Altars Has Drastically Decreased

As the number of households with Buddhist altars continues to decline, largely due to space limitations in modern housing, wholesalers of Buddhist goods are struggling with unsold inventory.

Twelve Referred to Prosecutors for Alleged Abuse at Kuwana Festival Horse Event

Twelve individuals involved in the traditional 'Ageuma Shinji' horse event held last year at Tado Shrine in Kuwana City, Mie Prefecture, have been referred to prosecutors on allegations of violent behavior toward horses, including forcing them up steep slopes.