Coinbase Global Inc (NASDAQ:COIN) (NASDAQ:COIN) has built up a hoard of around US$4bn in cash (yes, cash) to tide it over what could be a difficult period.
The cryptocurrency exchange operator told the Wall Street Journal it has conducted stress tests to ensure it can meet the costs of compliance, cyber-attacks or possible trading declines prompted by impending legislation changes.
“We want to ensure that we maintain those cash reserves so that we can continue to invest and continue to grow our products and services in the event that we go into a crypto winter,” said the company’s chief financial officer, Alesia Haas.
The company has just officially launched in Japan in partnership with Mitsubishi UFJ Financial Group.
The partnership will see the Japanese bank provide a “fiat on-and-off ramp” for Coinbase customers in Japan called MUFG Quick Deposit.
????????BIG NEWS!????????
We’re excited to be launching Coinbase in Japan, one of the first countries to embrace crypto and one of the largest markets by crypto trading volume in the world.
Details here ????https://t.co/ZhsYiE3L2a
— Coinbase (@coinbase) August 19, 2021