Japanese financial company Sumitomo Mitsui Trust has announced plans to create a new entity for digital asset custody services targeting institutional investors in a new deal with Bitbank.
The initial capital for Japan Digital Asset Trust will reportedly be $2.3 million, with plans to extend the amount to $78 million through more investments.
The step for creating the unit follows an announcement at the start of the month by Nomura that it will allow institutional clients to access cryptocurrencies.
Major banks in the global markets have shifted focus to cryptocurrencies, with BNP Paribas joining JP Morgan’s blockchain network Onyx for repo trading.
Source: NIKKEI ASIA