Japanese crypto exchange Bitbank announced a new partnership with financial holding company Sumitomo Mitsui Holdings to create Japan Digital Asset Trust (JADAT).
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JADAT will provide custodial services and auditing, and wallet insurance. The company is established to promote the entrance of institutional players into the Japanese digital asset market.
The firm will focus on custody services for digital asset holdings, including crypto, security tokens on public blockchains, stablecoins, and nonfungible tokens (NFTs).
Bitbank is one of the largest cryptocurrency exchanges in Asia, with a monthly trading volume of more than $5 billion, as Sumitomo Mitsui Trust Holdings is a publicly-traded holding and specialized trust bank group.
The crypto exchange and financial holdings firm appended a memorandum of understanding, with both entities agreeing to review the possibilities of Sumitomo Mitsui Trust Holdings investing in JADAT.