Japan’s Second Largest Bank To Launch Institutional Bitcoin, Crypto Custodial Services Today

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  • Japanese bank Sumitomo Mitsui Trust is launching a new company for institutional clients looking for custodial services for bitcoin and other cryptocurrencies.
  • The new company will be called Japan Digital Asset Trust and is a joint-venture with 85% ownership belonging to Bitbank, and 15% belonging to Mitsui Trust.
  • The venture reportedly has $2.3 million of committed capital for launch and expects to raise a total of $78 million.

Sumitomo Mitsui Trust, Japan’s second largest bank, is creating a new company called Japan Digital Asset Trust to offer custodial services for bitcoin and other cryptocurrencies for institutional clients, according to a report by Nikkei Asia.

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