KUALA LUMPUR, May 24 (Bernama) -- bitbank inc and Sumitomo Mitsui Trust Holdings Inc have signed a memorandum of understanding to establish ‘Japan Digital Asset Trust Preparatory Company inc (JADAT)’ which will be a preparatory company for the purpose of establishing a trust company specialising in digital assets.
After the registration by the related authorities based on the Trust Business Act, it is expected to change its business name to Japan Digital Asset Trust inc.
In the MOU, both parties agree to study the possibility of SuMi TRUST Holdings to invest in JADAT, according to a statement.
JADAT will get the know-how of digital asset storage management system with Japan's most advanced and highest security level of bitbank and the know-how of trust business of SuMi TRUST Holdings - a specialised trust bank group.
bitbank operates the Japanese crypto asset exchange ‘bitbank’ - which has monthly domestic trade volume of 731.7 billion JPY, domestic trade volume share of 33.7 per cent (as in April 2021) and deposits of clients of more than 300 billion JPY - is rapidly expanding its business scale. (100 JPY = RM3.436)
In order to expand the domestic crypto asset market, it is necessary that more institutional investors enter the market.
More details at https://bitbank.cc/about/corporate
-- BERNAMA
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