Japan’s largest bank will invest $10 million 500 thousand bitcoin Coinbase
According to the Wall Street Journal reported that Japan’s largest bank MITSUBISHI UFJ financial group (MUFG), into the bitcoin world is by investing in Coinbase company.
According to the bank official said, Coinbase to expand its business in Asia, ready on Friday of $10 million 500 thousand of financing, investors include MITSUBISHI UFJ financial group, the core banking sector, and a MUFG venture capital fund.
The investment for the Japanese super banks, is a bold step, they had to the new technology is often a more conservative attitude. For example, some ATMs of them, do not accept non Japanese bank card.
Recently, MUFG and its peers have been seeking financial technology, as a field of growth, because of low interest rates has hurt the main bank loan business profitability.
Coinbase, digital currency company co founded by BrianArmstrong and FredEhrsam in 2012, its business scope has expanded to 32 countries in Asia, but only covering the country of singapore. Last year, the company paid $75 million in the C round of financing, investors including the New York stock exchange and several banks.
According to informed sources said, Coinbase in the C round of financing valued at about $400 million.
“In partnership with leading global financial institutions, is a key part of our strategy, we are very pleased to cooperate with MITSUBISHI UFJ Bank of Tokyo, Coinbase’s co-founder and chief executive of Ehrsam, said mr..
MUFG group of digital innovation division general manager Kashiwagi Eichi (EiichiKashiwagi) said:
“We don’t have any specific plans at present, through this investment, we want to get involved in public infrastructure development chain block.”
Bitcoin is a digital currency, it allows the user to trade freely, and without the participation of the third party, such as handling bank remittance network.
Coinbase company, provides a variety of financial services for individuals and businesses, such as processing bitcoin transactions for businesses, individuals can use Coinbase to save their coins.
The company said it now has 4 million 100 thousand customers, the number of consumer wallet has exceeded 6 million.
In Japan, Japan bitcoin exchange Mt.Gox image because of the bankruptcy becomes gloomy, Mt.Gox’s chief executive was arrested for alleged manipulation of the exchange system, although he has denied the allegations.
In this regard, MITSUBISHI UFJ Financial Group Senior Manager Kawasaki Yuichiro (YuichiroKawasaki) said, Coinbase has a strong compliance system, which can prevent illegal behavior, and it has been in the United States license, can provide money transfer service.