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Cryptocurrencies

Sumitomo Mitsui Trust to set up digital asset custodian company

Major Japan bank intends to attract institutional investors to crypto and NFTs

Sumitomo Mitsui Trust intends to alleviate large investors' fear of owning digital assets. (Source photo by Manami Yamada)

TOKYO -- Sumitomo Mitsui Trust will set up a company this year to provide digital asset custody services for institutional investors, a step it considers crucial in building the infrastructure to better handle digital asset investments.

The new company will hold digital assets like cryptocurrencies and non-fungible tokens for large investors and corporations. Sumitomo Mitsui Trust believes that investors would feel more comfortable about owning and investing in digital assets if they can be entrusted to well-established financial institutions like Sumitomo Mitsui Trust. The risk of theft has been a barrier to institutional investment in such assets.

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