Mitsubishi UFJ Invests in Bitcoin Startup Coinbase

NEWS
Pete Rizzo
Jul 7, 2016 at 18:36 UTC  |  Updated  May 3, 2017 at 15:26 UTC

Bitcoin exchange provider Coinbase has raised $10.5m in new funding from investors including Bank of Tokyo Mitsubishi UFJ, Mitsubishi UFJ Capital and Silicon Valley VC firm Sozo Ventures.

The investment coincides with the announcement that MUFG subsidiary Bank of Tokyo Mitsubishi UFJ has entered into a strategic partnership with Coinbase, and follows rumors the San Francisco startup had been working on a proof-of-concept with an unknown Asian bank.

In statements, Coinbase said that the partnership will help it bridge the gap between blockchains and the traditional financial industry.

Coinbase said:

"Partnering with leading global financial institutions is a key part of our strategy and we are thrilled to be working with BTMU."

With the news, Coinbase said it would seek to launch services in Japan, a move that would make it the second Asian market served by the firm.

Coinbase's all-time funding total now stands at $116.7m, a figure that puts it behind bitcoin payment services provider Circle, which has raised $136m in four public funding rounds.

Investors in previous Coinbase rounds include the New York Stock Exchange (NYSE), BBVA Ventures and QueensBridge Venture Partners.

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CoinbaseAsiaJapanInvestorsFundingBank of Tokyo-Mitsubishi UFJ