Bitbank to Transfer JADAT Stake to Sumitomo Mitsui Trust Bank

Japanese crypto exchange Bitbank announced it will transfer its entire stake in Japan Digital Asset Trust (JADAT) to Sumitomo Mitsui Trust Bank. JADAT, a firm established to provide digital asset custody services, will become a wholly-owned subsidiary of the Sumitomo Mitsui Trust Group. The decision follows discussions between the two parties regarding the future development of digital finance. Bitbank previously announced plans to be acquired by SBI Holdings for approximately $294 million.