Japan’s 2nd largest bank to launch institutional Bitcoin, other services
Sumitomo Mitsui Trust, a Japanese bank, is forming a new company Japan Digital Asset Trust for institutional clients looking for Bitcoin and other cryptocurrency custodial services. Japan Digital Asset Trust will be a joint-venture with Bitbank, a Tokyo-based bitcoin exchange, owning a majority stake and controlling 85 percent of the company.
Mitsui will own the remaining 15 percent of the company. According to reports, the new enterprise will start with $2.3 million in funding and will attract enough money from investors to fulfill its $78 million objective. The new organisation will handle assets such as Bitcoin for large investors and corporations with the hope that a partnership with a trusted financial institution will make investors feel more secure.