Coinbase takes on $10m investment from Japan’s largest bank

Coinbase has received a strategic investment of $10m from Bank of Tokyo Mitsubishi UFJ (BTMU), Mitsubishi UFJ Capital and Silicon Valley investor Sozo Ventures.

The company is also forming a partnership with BTMU to support the bitcoin firm’s overseas expansion efforts into the Asian market.

Coinbase offers bitcoin processing for merchants and a digital wallet for consumers.

It claims more than 4m users across 32 countries and has seen more than $4bn exchanged in the cryptocurrency since launching in 2012.

The new round takes the funding raised by the San Francisco-based company to more than $117m in total.

It previously raised a $75m Series C round led by DFJ at the start of 2015.

It counts a number of high-profile VCs among its backers, such as Andreessen Horowitz, FundersClub and Union Square Ventures, as well as traditional financial institutions including the NYSE and BBVA.

Copyright © 2016 FINTECH GLOBAL

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