Backpack signs an encryption service cooperation agreement with Japan's Minna Bank
The crypto exchange Backpack has signed a cooperation agreement with the Japanese firm Minna Bank to explore integrating banking services into its cryptocurrency trading platform, which is planned to be launched in Japan.
- Backpack has signed a cooperation agreement with Japan's Minna Bank to explore integrating banking services into their planned cryptocurrency trading platform.
- After obtaining regulatory registration with the exchange, this collaboration may allow Backpack users to deposit and withdraw Japanese yen through the banking infrastructure of Minna Bank.
- Both parties are also considering future cooperation regarding tokenized deposits and integrating the investment services of Backpack into the Minna Bank mobile application.
- Backpack's Japanese subsidiary, Trek Labs Japan, is preparing to register as a cryptocurrency trading operator, and the company is making efforts to enter Japan's regulated crypto market.
According to a announcement on November 12th, Minna Bank, a digital banking subsidiary of the Fukuoka Financial Group, has reached this agreement with Trek Labs Japan, the Japanese subsidiary operating Backpack.
This collaboration will initially focus on allowing Backpack users to deposit and withdraw Japanese yen through the banking infrastructure of Minna Bank after Trek Labs Japan obtains registration as a cryptocurrency trading operator.
Both parties are still exploring how to integrate the bank's existing financial services into Backpack's platform in Japan, and plan to eventually expand the cooperation to tokenized deposits and other blockchain-based financial products.
Backpack plans to integrate the banking services of Minna Bank
The proposed integration will utilize the “Banking as a Service” infrastructure of Minna Bank, which allows for the direct embedding of financial services into applications operated by other companies.
For Backpack, this arrangement will enable its Japanese trading platform to provide yen deposit and withdrawal services through the bank's existing system, allowing customers to use traditional banking functions while conducting cryptocurrency transactions.
Minna Bank indicates that both parties intend to develop services for their respective customers by combining the financial infrastructure of this party with the trading technology of Backpack.
The agreement covers a potential collaboration, and as discussions progress, both parties expect to announce more details.
In addition to traditional banking services, both companies are also considering using the tokenized deposits that Minna Bank has been exploring and issuing.
Tokenized deposits are bank deposits presented in digital form, which can be used within blockchain-based financial systems, while still representing a claim against the issuing bank.
Both parties are considering how to utilize such deposits within the services of Backpack as part of their on-chain financial plan.
Another proposal is to connect the investment services of Backpack with the mobile banking app of Minna Bank, thereby potentially allowing customers of that bank to access the services provided by the encryption platform.
Minna Bank has previously explored similar arrangements with other Web3 companies.
In June this year, the bank signed an agreement with Slash Vision, which is headquartered in Singapore, to utilize its banking infrastructure to develop stablecoin payment services.
The proposed collaboration includes the ability to deposit and withdraw yen through Slash App, and there are plans to support conversions between tokenized deposits and stablecoins in the future, including USDC.
This line indicates that efforts will be made to provide the resulting payment infrastructure to other enterprises seeking similar services.
Backpack Preparing to Enter Japan's Regulated Crypto Market
Trek Labs Japan is currently preparing to register as a cryptocurrency trading operator in Japan. In Japan, companies must first obtain regulatory authorization before they can provide local cryptocurrency trading services.
The company was established in April 2023, with its headquarters located in Shinjuku District, Tokyo. It develops and operates services related to cryptocurrencies and blockchain.
Its parent company operates Backpack on a global scale, providing self-hosted wallets as well as centralized cryptocurrency trading platforms.
Backpack previously entered regulated markets through acquisitions. In January 2025, with the approval of the relevant authorities, the exchange acquired the former European business FTX EU of the defunct crypto exchange FTX.
At the same time, as more and more financial institutions seek digital asset services, Japan is also updating its regulatory framework for cryptocurrency business.
In August this year, Laser Digital, which received support from Nomura, obtained registration as a cryptocurrency trading service provider, becoming the first new entrant in Japan in about four years.
The company initially planned to provide liquidity services for local Japanese crypto enterprises, with the intention of later expanding into institutional digital asset trading.
The Japanese Financial Services Agency has been pushing for adjustments to the country's digital asset framework, including bringing cryptocurrencies under the regulation of financial instruments.
In September this year, crypto.news reported that the regulatory agency has given priority to on-chain finance in its 2026 policy plan, which covers blockchain-based payments, securities settlement, tokenization, and cross-border transfers.
The institution's plan also includes setting up a dedicated forum to study technical and regulatory issues surrounding blockchain-based financial services.
