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Sumitomo Mitsui Trust Launching Bitcoin Services

  • Japanese financial institution Sumitomo Mitsui Trust is launching a brand new firm for institutional purchasers in search of custodial companies for bitcoin and different cryptocurrencies.
  • The new firm shall be known as Japan Digital Asset Trust and is a joint-venture with 85% possession belonging to Bitbank, and 15% belonging to Mitsui Trust.
  • The enterprise reportedly has $2.3 million of dedicated capital for launch and expects to elevate a complete of $78 million.

Sumitomo Mitsui Trust, Japan’s second largest financial institution, is creating a brand new firm known as Japan Digital Asset Trust to provide custodial companies for bitcoin and different cryptocurrencies for institutional purchasers, in accordance to a report by Nikkei Asia.

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