Yesterday, Coinbase announced that they are opening office in Japan under the leadership of the fintech leader, Nao Kitazawa. Japanese expert of fintech Nao Kitazawa, previously worked as chief operating officer of Money Design and an investment banker at Morgan Stanley Japan.
As part of our effort to accelerate the global adoption of cryptocurrency, today we’re announcing the launch of Coinbase’s office in Japan. Under the leadership of the highly-respected and admired fintech leader, Nao Kitazawa, our new office will lay the foundation for Japan’s crypto investors to access a range of Coinbase’s products. As in other markets, we plan to take a deliberate approach to our rollout in Japan, which means working hand-in-hand with the Japanese FSA to ensure compliance with local laws at every stage.
Despite the fact that some cryptocurrency exchanges, such as HitBTC and Kraken, are leaving the Japanese market and there are already a number of popular crypto exchanges in Japan, it will be interesting to see how such a move will affect Coinbase and whether will it help Ripple’s price rise.
Nevertheless, the regulatory approach to the exchange of cryptocurrencies in Japan has become much more stringent after Coinbase has lost more than $500 million of its customers’ funds in cyber attack this year – perhaps Coinbase sees the opportunity to position itself as one of the winners after the Japanese Financial Services Agency clearly defines and applies new rules for the country’s crypto markets. In the announcement, the company stated that it makes great efforts to ensure compliance with the FSA.
Competitor Coinbase help Ripple rise
While the Japanese Coinbase project appears to be at a relatively early stage, it will still be a good competitor to the Japanese financial services giant SBI Holdings, which launched the VCTRADE crypto exchange and is currently specializing on Ripple (XRP) trading. At the moment the exchange is available only to those who have successfully registered in October 2017, but SBI Holdings plans to expand this front in the near future.
VCTRADE is the first Japanese cryptocurrency exchange, which is supported by a large financial institution, and launching can be one of the reasons that XRP was one of the most successful crypto in the last year. Today XRP has grown by more than 3%, but most likely we will see more and the price for Ripple will rise in June, after such favorable news.