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bitbank, inc., a Crypto Asset Exchange Operator, Has Signed a Memorandum of Understanding With Sumitomo Mitsui Trust Holdings, Inc. to Establish a Trust Company Specializing in Digital Assets

TOKYO--(BUSINESS WIRE)--bitbank, inc. (HQ: Tokyo Japan CEO: Noriyuki Hirosue) and Sumitomo Mitsui Trust Holdings, Inc. (HQ: Tokyo Japan, Director, President: Toru Takakura) have signed a memorandum of understanding with the purpose to establish Japan Digital Asset Trust Preparatory Company, inc. *1 “JADAT”” which will be a preparatory company for the purpose of establishing a trust company specializing in digital assets*2. In the MOU, both parties agree to study the possibility of SuMi TRUST Holdings to invest in JADAT.


JADAT will get the know-how of digital asset storage management system with Japan's most advanced and highest security level of bitbank and the know-how of trust business of SuMi TRUST Holdings - a specialized trust bank group.

*1 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..

*2 Crypto assets, security tokens on public blockchain, stablecoins and NFTs.

About the new company

Name: Japan Digital Asset Trust Preparatory Company, inc.

CEO: Noriyuki Hirosue

Business content: Digital asset custody business

Website: http://jadat.com/en

About bitbank, inc.

[Introduction]

bitbank operates the Japanese crypto asset exchange “bitbank” - which has monthly domestic trade volume of 731.7 billion JPY, domestic trade volume share of 33.7% (as in April 2021) and deposits of clients of more than 300 billion JPY - is rapidly expanding its business scale. 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.

[Company name]

bitbank, inc.

[URL]

https://bitbank.cc/about/corporate
[CEO]

Noriyuki Hirosue

[Address]

141-0031 7F, KDX Nishigotanda Building, 7-20-9 Nishigotanda, Shinagawa, Tokyo, Japan

[Date of establishment]

May 7th, 2014

[Initial capital]

8,647.21 million JPY (Incl. capital reserves)

[Business description]

Crypto asset (cryptocurrency) related services

Crypto asset exchange operator, Registration No. 00004, issued by the Director of the Kanto Local Finance Bureau

[Memberships]

Japan Virtual and Crypto assets Exchange Association (JVCEA)

Japan Crypto Asset Business Association (JCBA)

Blockchain Collaborative Consortium (BCCC)

Contacts

bitbank, inc.

Midori Abe

+81-50-1751-8600

[email protected]

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