Japan’s Minna Bank Teams Up With Backpack to Support Yen Deposits and Withdrawals

Minna Bank, a Japanese digital bank, is teaming up with crypto trading platform Backpack.

Minna Bank signed a memorandum of understanding with Trek Labs, Backpack’s Japanese unit, on cooperation in financial services, Bitcoin.com reported on November 13.

Under the agreement, the companies will pursue support for Japanese yen deposits and withdrawals on the Backpack platform. The plan is to use Minna Bank’s banking-as-a-service, or BaaS, infrastructure to let users move funds between bank accounts and the crypto trading platform.

The companies are also reviewing a plan to integrate Backpack’s crypto trading service into the Minna Bank app. The partnership also covers the introduction of on-chain financial services such as tokenized deposits.

Minna Bank currently has about 1.7 million users. Backpack is preparing to register as a crypto asset service provider in Japan and plans to expand its services after completing the required procedures.