Nikkei Asia reports that Japan’s Sumitomo Mitsui Trust Bank will create a new company that will offer digital asset custody services to institutional investors.
The company, called Japan Digital Asset Trust, is aimed at institutional investors concerned about the risk of cryptocurrency theft.
The decision to create the unit follows a similar announcement by Japanese competitor Nomura, whose subsidiary will give institutional investors access to cryptocurrencies.
This is a global shift toward crypto-assets, given that BNP Paribas is starting to use JP Morgan Onyx’s blockchain-based network for fixed-income trading.
The storage service will be a joint venture between Japan’s largest cryptocurrency exchange, Bitbank, which will own 85%, and Sumitomo Mitsui Trust, which will hold 15%.