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.
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