Jul 1, 2022

Japanese bank Sumitomo Mitsui Trust creates a repository of digital assets

According to Nikkei Asia, Japanese bank Sumitomo Mitsui Trust will create a new company that will offer digital storage services. assets to institutional investors.

A company called Japan Digital Asset Trust is aimed at institutional investors who are worried about the risk of cryptocurrency theft.

The decision to create a division was made after a similar statement by the Japanese competitor Nomura, whose subsidiary will provide institutional access to cryptocurrencies.

This is a global shift towards crypto assets, given that BNP Paribas is starting to use the JP Morgan Onux blockchain-based network for fixed income trading.

The storage service will be a joint venture between Japan's largest cryptocurrency exchange, Bitbank, which will own 85%, and Sumitomo Mitsui Trust, which will have a 15% stake.