bitbank, inc., a Japan-based bitcoin & crypto exchange company, today announced that the company has signed a memorandum of understanding (MOU) with the purpose to establish Japan Digital Asset Trust Preparatory Company, inc. (JADAT) which will be a preparatory company for the purpose of establishing a trust company specializing in blockchain assets.
In the MOU, both parties agree to study the possibility of SuMi TRUST Holdings investing in JADAT.
JADAT will get the know-how of crypto-asset storage management system with bitbank’s experience and the know-how of trust business of SuMi TRUST Holdings – a specialized trust bank group.
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.
“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.”
– The bitbank Team
Source: https://www.cryptoninjas.net/2022/05/24/japan-crypto-exchange-bitbank-signs-mou-to-form-institutional-blockchain-investment-company/