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Coinbase Lands $10.5 Million in Strategic Investment from Bank of Tokyo Mitsubishi UFJ

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Coinbase, a Bitcoin platform for merchant processing and consumer wallets, received backing from Bank of Tokyo Mitsubishi UFJ (BTMU), Mitsubishi UFJ Capital (MUCAP) and Sozo Ventures today.

The three firms have made a strategic investment of $10.5 million in Coinbase, bringing the company’s total funding to just north of $116 million. Previous investors in Coinbase include Draper Fisher Jurvetson, the New York Stock Exchange, BBVA Ventures, and Andreessen Horowitz.

BTMU, the largest bank in Japan, plans to work with the San Francisco-based company to fuel its international expansion. Coinbase does not currently support digital currency-exchange services in Japan, but said in a blog post that it is looking forward to working with BTMU “to support this focus in key markets in Asia and globally.”

Late last month Coinbase announced it now accepts PayPal for selling bitcoin. Coinbase users in the U.S. can now sell bitcoin and have the funds deposited in their PayPal wallet. The company plans to add support for other countries in the future. Coinbase also added support for purchasing bitcoin with credit cards. Both services are still in beta.

At FinovateSpring 2014, Coinbase debuted Instant Exchange, a merchant-payment solution that allows businesses to accept bitcoin without any exchange-rate risk, shielding them from market volatility. Coinbase has 4 million customers across a supported network of 32 countries and has seen $4 billion in bitcoin exchanged over its platform since launching in 2012.