The partnership will see Coinbase offering MUFG Quick Deposit for all Japanese customers. Credit: MichaelWuensch from Pixabay.

US-based cryptocurrency exchange Coinbase is expanding into Japan through a collaboration with local lender Mitsubishi UFJ Financial Group (MUFG).

MUFG, said to be one of the largest banks in the country, serves 40 million Japanese customers. Coinbase looks to tap this vast customer base with the tie-up.

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The partnership will provide MUFG Quick Deposit for customers in Japan, enabling them to gain access to Coinbase’s platform and start trading on its exchange.

Coinbase said that it is committed to scaling up the use of crypto in Japan by introducing ‘a best-in-class product offering to Japanese customers’.

The firm plans to launch retail products in the country initially with plans to roll out more assets and products in the coming months.

This initial offering includes a suite of ‘five top assets’ based on trading volume, stated the company.

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Coinbase also plans to unveil more localised versions of globally popular services, including advanced trading, and Coinbase for Institutions, in the future.

Founded in 2012, Coinbase claims to have 68 million verified users, 9,000 institutions, and 160,000 ecosystem partners in more than 100 countries.

In April this year, a report said that Deutsche Boerse delisted Coinbase from its Xetra trading platform and the Frankfurt stock exchange, citing missing reference data for the shares of the firm.

According to reports, an incorrect legal entity identifier code was used by mistake when Coinbase began to trade on Deutsche Boerse’s platforms.

In March, Paysafe partnered with Coinbase to expand its cryptocurrency offering to the US via its Skrill digital wallet.

Coinbase acquired crypto prime brokerage platform Tagomi last year, while in 2019 it took over the institutional business of crypto wallet provider Xapo.