Japanese bank Sumitomo Mitsui Trust to establish Digital Asset Custodian

Japanese bank Sumitomo Mitsui Trust to establish Digital Asset Custodian

Japanese bank Sumitomo Mitsui Trust will form a new company to offer digital asset custody services to institutional investors, according to a report by Nikkei Asia.

Named the Japan Digital Asset Trust, the company will target institutional investors perturbed by the risk of cryptocurrency theft. The decision to create the unit comes after an announcement earlier this month from Japanese rival Nomura (NMR) that it is launching a subsidiary that will give institutional clients access to cryptocurrencies.