Bitbank Transfers Full Ownership of Digital Asset Trust Unit to Sumitomo Mitsui Trust Bank
Crypto exchange operator Bitbank has agreed to transfer all shares of its subsidiary, Japan Digital Asset Trust Preparatory Company (JADAT), to Sumitomo Mitsui Trust Bank.
Following the completion of the share transfer, JADAT will operate as a wholly owned subsidiary under Sumitomo Mitsui Trust Group.
Key Details & Background
- Strategic Shift: The decision follows a May 2022 memorandum of understanding between Bitbank and Sumitomo Mitsui Trust Group to jointly explore the establishment of a specialized digital asset trust company.
- Rationalization: After combined efforts leveraging Bitbank's crypto management expertise and Sumitomo Mitsui Trust Group's trust banking operational capabilities, both parties concluded that JADAT’s future expansion would be best served under the full ownership of Sumitomo Mitsui Trust Group amid accelerating developments in digital finance.
- Future Outlook: Bitbank stated it will continue to leverage its digital asset management expertise to support financial institutions and businesses while contributing to the broader development of the digital asset market.
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Norbert Gehrke
