In a new development for East Asia, Japanese cryptocurrency exchange Bitbank announced a partnership with financial holding company Sumitomo Mitsui Trust Holdings to establish the Japan Digital Asset Trust (JADAT).
According to an announcement sent to Cointelegraph on Tuesday, JADAT will offer custody and audit services and portfolio insurance. The company is designed to facilitate the entry of institutional players into the Japanese digital asset market.
Once established, The firm will specialize in custody services for digital asset holdings, including cryptocurrencies, security tokens on public blockchains, stablecoins, and non-fungible tokens (NFTs).
Bitbank is one of the largest cryptocurrency exchanges in Asia, with a monthly trading volume of more than $5 billion., while Sumitomo Mitsui Trust Holdings is a publicly traded, specialized trust banking group. According to the announcement, the companies will use their expertise to contribute to the development of JADAT.
The cryptocurrency exchanges and the financial holding company have signed a memorandum of understanding, with both parties agreeing to explore the possibilities of Sumitomo Mitsui Trust Holdings investing in JADAT.
Last week, one of Japan’s largest investment banks, Nomura, revealed plans to create a cryptocurrency subsidiary outside of the country.. This follows a recent move by the firm to offer Bitcoin (BTC) derivatives to its clients in Asia. The new subsidiary will focus on helping institutions invest their funds in cryptocurrencies and NFTs.
Beginnings of May, e-commerce platform SBI Motor Japan announced that it would accept BTC and XRP as payment methods. According to SBI Holdings, the e-commerce platform exports 5,000 used cars to Africa annually. This means that the African market can buy vehicles from the company using cryptocurrencies.
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