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bitbank, inc., a Crypto Asset Exchange Operator, Has Signed a Memorandum of Understanding With Sumitomo Mitsui Trust Holdings, Inc. to Establish a Trust Company Specializing in Digital Assets

·2-min read

TOKYO, May 24, 2022--(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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220523005408/en/

bitbank, inc., a crypto asset exchange operator, has signed a MOU with Sumitomo Mitsui Trust Holdings, Inc. to establish a trust company specializing in digital assets "JADAT" (Graphic: Business Wire)

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
Website: http://jadat.com/en

About bitbank, inc.
[Introduction]
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.

[Company name]
bitbank, inc.
[URL]
https://bitbank.cc/about/corporate
[CEO]
Noriyuki Hirosue
[Address]
141-0031 7F, KDX Nishigotanda Building, 7-20-9 Nishigotanda, Shinagawa, Tokyo, Japan
[Date of establishment]
May 7th, 2014
[Initial capital]
8,647.21 million JPY (Incl. capital reserves)
[Business description]
Crypto asset (cryptocurrency) related services
Crypto asset exchange operator, Registration No. 00004, issued by the Director of the Kanto Local Finance Bureau
[Memberships]
Japan Virtual and Crypto assets Exchange Association (JVCEA)
Japan Crypto Asset Business Association (JCBA)
Blockchain Collaborative Consortium (BCCC)

View source version on businesswire.com: https://www.businesswire.com/news/home/20220523005408/en/

Contacts

bitbank, inc.
Midori Abe
+81-50-1751-8600
midori.abe@bitcoinbank.co.jp

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