According to CoinPost, Japanese crypto exchange Bitbank announced that it will transfer all its shares in Japan Digital Asset Trust Preparatory Company, Ltd. (JADAT) to Sumitomo Mitsui Trust Bank. The transfer amount has not been disclosed, and the transaction is expected to be completed on October 1. After the transfer, JADAT will become a wholly-owned subsidiary of the Sumitomo Mitsui Trust Group. JADAT was initially established by both parties in May 2022, with plans to rename it to 'Japan Digital Asset Trust' after registration under the Trust Business Act. It was designed to provide trust custody and segregated custody services for institutional clients, covering crypto assets, security tokens (ST), stablecoins, and NFTs. Additionally, SBI Holdings previously announced an investment of 46.7 billion yen to fully acquire and wholly own Bitbank, with the related acquisition transaction also expected to be completed around October. https://(wublock123.com)/news/bitbank-transfers-jadat-stake-to-mitsui-sumitomo-trust-bank-69307