The Japanese crypto exchange platform Bitbank recently announced a partnership with the financial holding company Sumitomo Mitsui Trust Holdings with the intention of establishing the Japan Digital Asset Trust or JADAT. This is a new development for East Asia.
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JADAT is going to be established with the aim to provide custodial services, in addition to auditing and wallet insurance, as stated in an announcement made on Tuesday. The company’s purpose is to make it easier for institutional players to participate in the Japanese digital asset market.
Bitbank’s plans and crypto adoption in Japan
When it is fully operational, the company will focus on providing custody services for digital asset holdings such as cryptocurrencies, security tokens issued on public blockchains, stablecoins, and NFTs in Japan.
With a monthly trading volume that is greater than $5 billion, Bitbank is one of the most important crypto exchanges in Asia. Sumitomo Mitsui Trust Holdings, on the other hand, is a publicly-traded holding company that also operates as a specialized trust bank group. According to the release, the companies will contribute to the development of JADAT by making use of their respective areas of expertise.
Both sides have agreed to explore the prospects of Sumitomo Mitsui Trust Holdings investing JADAT as of the present, as evidenced by the signing of a memorandum of understanding (MOU) between the crypto exchange and the financial holdings company.
The plans to establish a cryptocurrency subsidiary outside of Japan were made public by Nomura, one of the top investment banks in Japan, the week before last. This comes after the company recently made the decision to start providing Bitcoin (BTC) derivatives to its customers in Asia.
E-commerce platform SBI Motor Japan made the announcement earlier in the month of May that it would begin taking Bitcoin and XRP (XRP) as forms of payment.Â
Japan is grouting fast to secure a major spot in the crypto sector. Recently, Japanese e-commerce giant Rakuten released its own NFT marketplace amid the massive NFT adoption in the nation.
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