Backpack signs agreement with Japan’s Minna Bank for crypto services

Crypto exchange Backpack has signed a cooperation agreement with Japan’s Minna Bank to explore integrating banking services into its planned cryptocurrency trading platform in the country.

According to a November 12 announcement, Minna Bank, a digital banking subsidiary of Fukuoka Financial Group, entered into the agreement with Trek Labs Japan, the Japanese subsidiary of the group operating Backpack.

The partnership will initially focus on allowing Backpack users to deposit and withdraw Japanese yen through Minna Bank’s banking infrastructure, provided Trek Labs Japan secures registration as a cryptocurrency exchange operator.

Both companies are exploring how the bank’s existing financial services could be incorporated into Backpack’s Japanese platform, with plans to eventually expand their cooperation into tokenized deposits and other blockchain-based financial products.

Backpack plans to integrate Minna Bank’s banking services

The proposed integration will use Minna Bank’s Banking as a Service infrastructure, which allows financial services to be embedded directly into applications operated by other companies.

For Backpack, the arrangement would allow its Japanese trading platform to offer yen deposits and withdrawals through the bank’s existing systems, giving customers access to traditional banking functions alongside cryptocurrency trading.

Minna Bank said the companies intend to develop services for their respective customers by combining the bank’s financial infrastructure with Backpack’s trading technology.

The agreement covers a potential partnership, with the companies expected to announce further details as discussions progress.

Beyond conventional banking services, the two firms are considering the use of tokenized deposits that Minna Bank has been exploring issuing.

Tokenized deposits represent bank deposits in digital form and can be used within blockchain-based financial systems while remaining claims on the issuing bank.

The companies are considering how such deposits could be used within Backpack’s services as part of their plans for on-chain finance.

Another proposal involves connecting Backpack’s investment services with Minna Bank’s mobile banking application, potentially allowing the bank’s customers to access services offered by the crypto platform.

Minna Bank has previously explored similar arrangements with other Web3 companies.

In June, the bank signed an agreement with Singapore-based Slash Vision to develop stablecoin payment services using its banking infrastructure.

The proposed collaboration included yen deposits and withdrawals through the Slash App, alongside future plans to support conversions between tokenized deposits and stablecoins, including USDC.

The bank said it would explore providing the resulting payment infrastructure to other businesses seeking similar services.

Backpack prepares for Japan’s regulated crypto market

Trek Labs Japan is currently preparing to register as a cryptocurrency exchange operator in Japan, where companies must obtain regulatory authorization before offering domestic crypto trading services.

Established in April 2023 and headquartered in Tokyo’s Shinjuku district, the company develops and operates cryptocurrency and blockchain-related services.

Its parent group operates Backpack internationally, offering a self-custodial wallet alongside a centralized cryptocurrency trading platform.

Backpack has previously expanded into regulated markets through acquisitions. In January 2025, the exchange acquired FTX EU, the former European business of collapsed cryptocurrency exchange FTX, following approvals from the relevant authorities.

Japan has meanwhile been updating its regulatory framework for cryptocurrency businesses as more financial institutions pursue digital asset services.

In August, Nomura-backed Laser Digital secured registration as a cryptocurrency exchange service provider, becoming the country’s first newly registered entrant in approximately four years.

The company initially planned to provide liquidity services to domestic crypto businesses before expanding into institutional digital asset trading.

Japan’s Financial Services Agency has been pursuing changes to the country’s digital asset framework, including bringing cryptocurrencies under financial instruments regulations.

In September, crypto.news reported that the regulator had prioritized on-chain finance in its 2026 policy program, covering blockchain-based payments, securities settlement, tokenization, and cross-border transfers.

The agency’s plans included establishing a dedicated forum to examine the technical and regulatory questions surrounding blockchain-based financial services.