According to Nikkei Asia, Japan’s Sumitomo Mitsui Trust Bank will create a new company, Japan Digital Asset Trust, which will offer digital asset storage services for institutional investors.
The initial capital of Japan Digital Asset Trust will be $2.3 million, later to be increased to $78 million.
The new company will be incorporated by the end of 2022.
Sumitomo Mitsui Trust currently manages $664 billion in assets.