One of the largest US cryptocurrency exchanges, Coinbase, has just revealed plans to further penetrate Asia by entering the Japanese market. The company will be setting up a new office in Japan “to accelerate the global adoption of cryptocurrency.”
After recently expanding its reach to European markets, this move by Coinbase is a significant milestone since this will allow Asian investors of cryptocurrency to access more of Coinbase’s products.
Coinbase Vice President and General Manager Dan Romero made the following statement:
“As part of our effort to accelerate the global adoption of cryptocurrency, today we’re announcing the launch of Coinbase’s office in Japan… we plan to take a deliberate approach to our rollout in Japan, which means working hand-in-hand with the Japanese FSA [Financial Services Agency] to ensure compliance with local laws at every stage.”
With over 20 million customers, Coinbase is now operating in over 32 countries which now includes Singapore and Japan as the two Asian countries it has penetrated.
The company had already completed its registration requirements set by Japan’s FSA and appointed a new CEO for Coinbase Japan – Nao Kitazawa. Mr. Kitazawa is formerly an investment banker at Morgan Stanley, and will now be heading Japan operations.
As part of the new office’s direction, Mr. Kitazawa will be ensuring compliance with all regulations and enforcement surrounding the conducting of crypto-related business in Japan. This will be of great help to Coinbase as this aspect of the business is one the biggest hurdles in the crypto industry.
The move to Japan brings another advantage to Coinbase - the country is known to very clear when it comes to regulations set for the crypto industry. With this in mind, the Japan office has the goal of becoming a global cryptocurrency hub much like its counterpart in San Francisco, USA. This being said, the company aims to uphold the standards it has set in the US, and share this with its Japan counterpart. Nao was brought in to the team with this key goal in mind as he was found to be a perfect fit for the role.
An opportunity to expand overall business
To stay ahead of the competition, Coinbase has been coming up with ways to expand its business more than just by opening more physical locations.
It has been shared in announcements that customers were to be transferred to a newer trading platform within the next year. The company has also been seen to acquire startups to offer more relevant technology that will improve its overall offerings to customers. Its latest acquisition is Paradex, a P2P trading platform for ERC20 compatible tokens which serves well to have its institutional trading platform rebranded from GDAX to Coinbase Pro.