In a new development for East Asia, Japanese crypto exchange Bitbank announced a partnership with financial holding company Sumitomo Mitsui (NYSE:SMFG) Trust Holdings with the goal of establishing Japan Digital Asset Trust (JADAT).
According to an announcement sent to Cointelegraph on Tuesday, JADAT will be created to offer custodial services along with auditing and wallet insurance. The company is designed to facilitate the entrance of institutional players into the Japanese digital asset market.