Bitcoin exchange Coinbase receives investment from Japan's largest bank

July 10, Coinbase, a US Bitcoin exchange, announced on July 8 that it had received a $10.5 million investment from Mitsubishi UFJ Bank and Sozo Ventures. "Mitsubishi UFJ Bank will be a strong partner for us in Asia and around the world," said Sam Rosenblum, head of international expansion and banking at Coinbase. "Japan is obviously an important market for us and is crucial to the development of this digital currency." Mitsubishi UFJ Financial Group (MUFG) is the largest banking institution in Japan, and they have tended to be more conservative about new technologies. For example, some of their ATMs do not accept non-Japanese bank cards. Sozo Ventures is a multinational investment fund that focuses on assisting American technology startups in their global expansion. It once helped Twitter enter the Japanese market. Coinbase is a digital currency company co-founded by Brian Armstrong and Fred Ehrsam in 2012, providing a variety of financial services to individuals and businesses. It is reported that it currently has 4.1 million customers and the number of its consumer wallets has exceeded 6 million.