Are banks and crypto assets one step closer? BitTrade and Minna no Bank sign a basic agreement for the use of BaaS | CoinDesk JAPAN

BitTrade and Minna no Bank have announced that they will begin discussions regarding the utilization of Minna no Bank’s financial functions and services, so-called BaaS (Banking as a Service), in order to increase the added value of the crypto asset service application “BitTrade”. A basic agreement was signed on April 1st.

Minna no Bank will start providing services in May 2021. It claims to be Japan’s first digital bank, with no branches and all services, including account opening, available 24 hours a day, 365 days a year, all through a smartphone app.

This basic agreement aims to connect with the update API (account transfer API) provided by Minna no Bank as one of the methods of depositing into BitTrade accounts, and we will consider ways to improve the added value associated with fund transfers. thing. The API linkage not only improves convenience by seamlessly linking crypto asset accounts and bank accounts, but also makes it possible for Minna no Bank customers to use crypto asset services.

Bitcoin ETFs have been launched in the United States, and the fusion of crypto assets and TradFi (traditional finance) is progressing further. It seems that such a movement is starting to take place in Japan, little by little.

｜Text: CoinDesk JAPAN Editorial Department
｜Image: From the release