The 2nd Largest Bank in Japan Offers Bitcoin Custody
The 2nd largest bank in Japan, Sumitomo Mitsui, starts a new subsidiary, that will address institutional investors and will offer custody services in Bitcoin and other cryptocurrencies.
The new company will be named Japan Digital Asset Trust and will become a reality along with Bitbank, that will participate in the shareholders’ scheme, with larger percentage.
The new company will launch with an initial capital of $ 2.3 million while it’s expected to raise $78 million.
The news want out a few days after Nomura, another Japanese bank, for offering similar services to its clients.
More and more institutional investors are opting in to expose their portfolios in cryptos and look to solutions that they already using through trusted financial structures.
Every day a new player in the market….