Sumitomo Mitsui Trust, one of the major banking institutions in Japan, will reportedly enter the cryptocurrency custody business. The company is entering a partnership with Bitbank, a Tokyo-based cryptocurrency exchange, to launch a new company that will focus on offering institutional-grade custody for digital assets and NFTs.Sumitomo Mitsui Trust Bank, a major financial institution in Japan, has decided to enter the cryptocurrency custody business.
However, the Japan Digital Asset Trust will also be offering a different product. According to reports, the new company has plans to issue a yen-pegged stablecoin, supported by regulations allowing banks to launch this kind of product. There have been no further details on this from any of the players in the partnership.
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