bitbank to transfer subsidiary JADAT to Sumitomo Mitsui Trust amid SBI takeover
- —bitbank transfers 100% of JADAT shares to Sumitomo Mitsui Trust Bank
- —JADAT was set up in May 2022 for digital asset trust custody
- —SBI is acquiring bitbank for 46.7 billion yen, deal due around October
- —JADAT never completed registration under Japan's Trust Business Act
Why it matters: The reshuffle consolidates Japan's crypto and trust businesses, accelerating institutional-grade digital asset custody.
Source: Bing News (crypto query)