Japan's Bitbank to set up a custody firm to facilitate institutional entry to local markets

Cointelegraph

Published May 24, 2022 07:42AM ET

Updated May 24, 2022 09:20AM ET

In a new development for East Asia, Japanese crypto exchange Bitbank announced a partnership with financial holding company Sumitomo Mitsui (NYSE:SMFG) Trust Holdings with the goal of establishing Japan Digital Asset Trust (JADAT).

According to an announcement sent to Cointelegraph on Tuesday, JADAT will be created to offer custodial services along with auditing and wallet insurance. The company is designed to facilitate the entrance of institutional players into the Japanese digital asset market.

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