In a unique development linked to East Asia, Bitbank (a crypto exchange within Japan) declared a collaboration with Sumitomo Mitsui Trust Holdings (a financial holding firm) with the target of developing JADAT (Japan Digital Asset Trust). As per a declaration made recently, the establishment of JADAT will be done to provide custodial facilities as well as wallet insurance and auditing.
The venue is structured to enable the organizational players to enter Japan’s market of digital assets. After being established, the platform will get a specialization in custody-related options over the holdings of digital assets taking into account crypto, NFTs (non-fungible tokens), stablecoins, as well as security tokens available on open blockchains. Bitbank counts to be one of the biggest exchanges of cryptocurrency throughout Asia and has more than $5B in its per-month trading volume.
On the contrary, the status of Sumitomo Mitsui Trust Holdings is that of an openly traded venue as well as a devoted trust bank team. As the declaration puts it, the companies will utilize the expertise thereof to participate in JADAT’s development to a further extent following the Trust’s registration under the Trust Business Act by the relevant authorities. At present, the financial holdings platform as well as the crypto exchange has inked an MOU (memorandum of understanding).
In the respective memorandum, both the forums have given their consent to delve deep into the opportunities that could be availed by the Sumitomo Mitsui Trust Holdings to invest in JADAT. In the previous week, one of the biggest investment banks within Japan, dubbed Nomura, disclosed that it has a strategy to establish a crypto subdivision external to the country. This has been witnessed after the latest step taken by the company to provide BTC (Bitcoin) derivatives to consumers residing within Asia.
Formerly in May, SBI Motor Japan (a venue for e-commerce-related operations) declared that it would be embracing XRP (Ripple) as well as BTC (Bitcoin) to serve as the means of performing payments. In the words of SBI Holdings, at this time, the venue trades up to 5,000 used cars on annual basis to Africa in exports. This makes it clear that the market in Africa has much potential and it can buy cars with the utilization of cryptocurrency from the firm.