BTMU joins $10.5 million Coinbase round

BTMU joins $10.5 million Coinbase round

Bitcoin exchange and virtual wallet operator Coinbase has secured a $10.5 million investment from a group of Japanese investors, including Bank of Tokyo-Mitsubishi UFJ (BTMU), to fund its Asian expansion strategy.

BTMU, the largest bank in Japan was joined by Mitsubishi UFJ Capital (MUCAP), and Sozo Ventures in the funding round.

Copinbase says the funding exemplifies its efforts to work with financial institutions to further its global expansion strategy, following recent forays into the UK and Singapore.

"Our mission is to create an open financial system for the world by building the bridge between financial institutions and the new world of digital finance," says the company in a blog post announcing the investment. "Partnering with leading global financial institutions is a key part of our strategy and we are thrilled to be working with BTMU."

Previous financial institutions to clamber into Coinbase include The New York Stock Exchange, USAA and BBVA, who joined a $75 million funding round in January last year.

The US-based company claims over 2.8 million users of its digital wallet across the globe, with the majority using it to deal speculatively.

Coinbase has yet to give a date for its debut in Japan, stating: "While we do not yet offer digital currency exchange services in Japan, we are committed to continued international expansion and look forward to working with BTMU to support this focus in key markets in Asia and globally."

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