TOKYO--(BUSINESS WIRE)--bitbank, inc. (HQ: Tokyo Japan CEO: Noriyuki Hirosue) and Sumitomo Mitsui Trust Holdings, Inc. (HQ: Tokyo Japan, Director, President: Toru Takakura) have signed a memorandum of understanding with the purpose to establish “Japan Digital Asset Trust Preparatory Company, inc. *1 “JADAT”” which will be a preparatory company for the purpose of establishing a trust company specializing in digital assets*2. In the MOU, both parties agree to study the possibility of SuMi TRUST Holdings to invest in JADAT.
JADAT will get the know-how of digital asset storage management system with Japan's most advanced and highest security level of bitbank and the know-how of trust business of SuMi TRUST Holdings - a specialized trust bank group.
*1 After the registration by the related authorities based on the Trust Business Act, it is expected to change its business name to Japan Digital Asset Trust, inc..
*2 Crypto assets, security tokens on public blockchain, stablecoins and NFTs.
About the new company
Name: Japan Digital Asset Trust Preparatory Company, inc.
CEO: Noriyuki Hirosue
Business content: Digital asset custody business
About bitbank, inc.
bitbank operates the Japanese crypto asset exchange “bitbank” - which has monthly domestic trade volume of 731.7 billion JPY, domestic trade volume share of 33.7% (as in April 2021) and deposits of clients of more than 300 billion JPY - is rapidly expanding its business scale. In order to expand the domestic crypto asset market, it is necessary that more institutional investors enter the market. With our strengths - crypto asset storage technology, liquidity of spot trades, strong security - we will contribute to the further expansion of the crypto asset market, through digital asset trust business with JADAT.
141-0031 7F, KDX Nishigotanda Building, 7-20-9 Nishigotanda, Shinagawa, Tokyo, Japan
[Date of establishment]
May 7th, 2014
8,647.21 million JPY (Incl. capital reserves)
Crypto asset (cryptocurrency) related services
Crypto asset exchange operator, Registration No. 00004, issued by the Director of the Kanto Local Finance Bureau
Japan Virtual and Crypto assets Exchange Association (JVCEA)
Japan Crypto Asset Business Association (JCBA)
Blockchain Collaborative Consortium (BCCC)