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Backpack partners with Japan's Minna Bank to explore crypto banking services

Crypto exchange Backpack has signed an agreement with Japanese digital bank Minna Bank to explore linking banking functions and yen deposits with crypto services in Japan.

Graphic showing the red Backpack logo alongside the Minna Bank logo.
Image: @crypto_banter

Crypto exchange Backpack announced it has entered into a basic agreement with Minna Bank, a digital bank owned by Fukuoka Financial Group, to explore connecting digital banking services with crypto assets in Japan. Fukuoka Financial Group is one of Japan's largest regional banking groups.[1][2][3]

Signed on November 12, the agreement combines Backpack's global onchain infrastructure with Minna Bank's banking capabilities. The partnership targets integrating yen deposits and withdrawals into Backpack's planned trading platform using Minna Bank's Banking-as-a-Service platform.[1][2]

Minna Bank announced the agreement was executed with Trek Labs Japan Inc. for value co-creation through financial solutions. The arrangement remains contingent on Trek Labs Japan successfully obtaining cryptocurrency exchange registration. The companies also noted that the partnership leaves room for future collaboration on tokenized deposits and next-generation onchain finance.[1][2]

Key facts

  • Backpack and Minna Bank signed a basic agreement on November 12 to explore integrating digital banking with crypto-asset services in Japan.
  • Minna Bank is a digital bank under Fukuoka Financial Group, one of Japan's largest regional banking groups.
  • Minna Bank signed the agreement with Trek Labs Japan Inc.
  • The integration is contingent on Trek Labs Japan securing cryptocurrency exchange registration.
  • The agreement targets adding yen deposits and withdrawals to Backpack's planned platform using Minna Bank's Banking-as-a-Service capabilities.
  • The deal leaves open future exploration into tokenized deposits and next-generation onchain finance.

Sources 路 3 sources

  1. CB

    Crypto Banter@crypto_banterPost on X 路

    馃毃BACKPACK SIGNS MOU WITH ONE OF JAPAN鈥橲 LARGEST REGIONAL BANKING GROUPS FOR CRYPTO INTEGRATION! @Backpack and @minnano_ginko, the digital bank under Fukuoka Financial Group, signed a basic agreement on November 12 to explore linking banking functions with crypto services in Japan. The deal, contingent on Trek Labs Japan obtaining cryptocurrency exchange registration, targets integrating yen deposits and withdrawals into Backpack鈥檚 planned trading platform via the bank鈥檚 BaaS offering. It also leaves open future collaboration on tokenized deposits and next-generation onchain finance.

    Open source
  2. DN

    DEGEN NEWS@DegenerateNewsPost on X 路

    NEW: CRYPTO EXCHANGE @Backpack SIGNS MOU WITH JAPANESE DIGITAL BANK @minnano_ginko (MINNA BANK), PART OF FUKUOKA FINANCIAL GROUP, ONE OF JAPAN'S LARGEST REGIONAL BANKING GROUPS THEY'LL EXPLORE CONNECTING DIGITAL BANKING WITH CRYPTO SERVICES IN JAPAN https://t.co/71dx2Mbb5X

    Open source
  3. TB

    The Block@TheBlockCoPost on X 路

    THE BLOCK: Crypto exchange Backpack announced it has signed a partnership agreement with Japan's Minna Bank, a digital bank under FFG, one of the country's largest regional banking groups. The two will utilize Backpack's onchain infrastructure to explore crypto-linked digital banking services in Japan.

    Open source