Japanese Trust Banks Offer Protection for Crypto-Investors

Japanese trust banks offer investors in digital currencies additional options for protecting their funds. Financial institutions came out with such an initiative after the recent biggest hacker attack on the Coincheck exchange, which led to the loss of more than half a billion dollars. Financiers focus on the fact this service will allow to protect funds of traders even in the situation when the exchange announces its bankruptcy. Note that in Japan, trust banks provide lending services and accept deposits. In addition, they carry out trust operations to manage the assets or funds of the pension fund.

Given the growing interest in cryptocurrency, the bankers decided to expand a list of services provided. According to the plan of the financiers and traders, as before, they will carry out operations of buying and selling digital coins on exchanges. However, the funds themselves will be in the management of banks. The exchange in this case becomes just an intermediary, a platform for concluding transactions, a link between users and banks.

It is expected that this mechanism will be implemented in the near future in Mitsubishi UFJ Trust and Banking. Also, Sumitomo Mitsui Trust Bank plans to introduce similar services.


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