Sumitomo Mitsui Trust Bank creates digital assets custody joint venture

Sumitomo Mitsui Trust Bank (SMTB) and licensed cryptocurrency exchange Bitbank have agreed to form a digital asset custody joint venture. The first step under Japanese law is to form a “preparatory company” for the license application process, which will be transformed into a trust company once successful registration under the Trust Business Act has been obtained from the relevant authorities.

The companies aim to take advantage of the increased interest in digital assets, as business have adopted them as a means of payment, and institutional investors have considered using them as an additional asset class.

The joint venture will benefit from SMTB’s extensive know-how in the trust management business, and Bitbank’s cutting edge, sophisticated digital asset management technology, the companies said in a press release.

This article is part of our Tokyo FinTech Publication, please follow us to read more from our writers, like hundreds of readers do every day. Please also register for our short weekly digest, published some Saturdays, at the link below.

Should you live in Tokyo, or just pass through, please also join our Tokyo FinTech Meetup. In any case, our YouTube channel and LinkedIn page are there for you as well.