A Japanese Holding to Launch a Crypto Storage Division

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.

With the move, another financial giant has decided to strengthen its position in the market by creating a business focused on the crypto sphere.

Japanese bank Nomura, one of the competitors of Sumitomo Mitsui Trust, has recently established a division for institutional investors which will provide them with access to Bitcoin and other virtual currencies.