Japanese financial giant Sumitomo Mitsui Trust plans to create a subsidiary that will provide custody services for digital currencies.
According to Nikkei Asia, the Japan Digital Asset Trust division will serve institutional investors who fear for the safety of their digital assets.
Thus, another financial giant decided to strengthen its position in the market by creating a business focused on the cryptosphere.
Recently it became known that the Japanese bank Nomura, one of the competitors of Sumitomo Mitsui Trust, has established a division for institutionals, which will provide them with access to bitcoin and other virtual currencies.
Other giants are also moving in a similar direction, such as BNP Paribas and JPMorgan.
The Japan Digital Asset Trust division will have an initial capital of $2.3 million. In the future, if the products of this structure are popular among the bank's customers, the capital may increase to $78 million.