In a new development for East Asia, Japanese crypto exchange Bitbank announced a partnership with financial holding company Sumitomo Mitsui Trust Holdings to establish Japan Digital Asset Trust .
According to an announcement sent to Cointelegraph on Tuesday, JADAT will offer custodial services and auditing and wallet insurance. The company is designed to facilitate the entrance of institutional players into the Japanese digital asset market. Once established, the firm will specialize in custody services for digital asset holdings, including cryptocurrency, security tokens on public blockchains, stablecoins and nonfungible tokens .
Bitbank is one of the largest crypto exchanges in Asia, with a monthly trading volume of over $5 billion, while Sumitomo Mitsui Trust Holdings is a publicly traded holding and specialized trust bank group. According to the announcement, the firms will use their expertise to contribute to the development of JADAT.
The crypto exchange and financial holdings firm have signed a memorandum of understanding, with both parties agreeing to explore the possibilities of Sumitomo Mitsui Trust Holdings investing in JADAT.
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