Today the Nikkei reported that Sumitomo Mitsui Trust Holdings plans to create a trust company, “Japan Digital Asset Trust” (JADAT), for managing digital assets. It will partner with local cryptocurrency exchange Bitbank, which will control 85% of the joint venture and will launch by the end of the year.
One of the first applications will be cryptocurrency custody, combining the crypto experience of Bitbank with the know-how of Sumitomo Mitsui. The company will also consider issuing a stablecoin in the future.
A year ago, Sumitomo Mitsui was involved in issuing a blockchain security token using the Securitize platform.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
