BTC $72,931 
EQQQQ $655.75 Last updated 8 Nov 2026, 12:03 UTC
ETH $2,023 
MGLOEURO $111,813 
USDT $0.9990 
BNB $660.59 
USDC $0.9995 
XRP $1.04 
SOL $82.31 
TRX $0.3160 Exchanges · Explained
Backpack signs agreement with Japan's Minna Bank to explore yen banking tie-in
The deal with Trek Labs Japan would let users move yen through Minna Bank's systems once Backpack's local crypto exchange registration is approved.
Key takeaways
- Conditional integration. Yen deposits and withdrawals for Backpack users hinge on Trek Labs Japan securing cryptocurrency exchange registration in Japan.
- Beyond payments. The agreement also covers tokenized deposits Minna Bank has been exploring and possible distribution of Backpack investment services via the bank's app.
- Exploratory stage. No products, launch dates or implementation details have been announced; the deal sets a framework for discussion.
What happened
Backpack's Japanese subsidiary, Trek Labs Japan, has entered an agreement with Minna Bank, a digital bank owned by Fukuoka Financial Group, to study connecting traditional banking with the company's planned cryptocurrency trading business in Japan. The two firms announced the arrangement on November 12. Backpack described it as a memorandum of understanding, while the Japanese-language framing referred to a basic agreement on value co-creation utilizing finance; crypto.news reported it as a cooperation agreement.
The immediate focus is on letting Backpack customers move Japanese yen in and out of the platform using Minna Bank's banking infrastructure. That service would rely on the bank's banking-as-a-service (BaaS) model, which embeds financial functions into applications run by other companies, and would only go live if Trek Labs Japan first obtains registration as a cryptocurrency exchange operator.
The agreement also sketches wider possibilities. The companies are examining tokenized deposits that Minna Bank has been developing, and how those digital claims on the bank could be used inside Backpack's on-chain finance offerings. A further proposal would connect Backpack's investment services to Minna Bank's mobile application, giving the bank's customers a route into the crypto platform's products. Both sides characterised the arrangement as a starting point for discussions rather than a confirmed operating partnership, and said more details would follow as talks advance.
First $1.04Latest $0.8615-17.3% over the period
Points are daily observations, not closing prices.
Why it matters
For Backpack, the agreement offers a local banking relationship ahead of its entry into Japan's regulated crypto market, potentially smoothing the movement of funds between bank accounts and trading accounts. For Minna Bank, it is another test of whether a digital lender's infrastructure can be extended into blockchain-based finance. The tie-up also reflects a broader pattern in Japan, where established financial groups are studying tokenization and on-chain settlement while crypto firms seek licensed routes into the domestic market. Neither element is operational yet, so the announcement signals intent rather than a change in services available to customers today.
What the data shows
Trek Labs Japan was established in April 2023 and is headquartered in Tokyo's Shinjuku district, where it develops cryptocurrency and blockchain services. Its parent group runs Backpack internationally, offering a self-custodial wallet alongside a centralised trading platform. Minna Bank operates as a digital banking subsidiary of Fukuoka Financial Group, one of Japan's larger regional banking groups. The reports did not disclose financial terms, fees or a timeline for the proposed services.
Background
Minna Bank has looked at similar arrangements before. In June it signed an agreement with Singapore-based Slash Vision to build stablecoin payment services on its banking infrastructure, covering yen deposits and withdrawals through the Slash App and eventual conversion between tokenized deposits and stablecoins such as USDC. Backpack, meanwhile, has expanded into regulated jurisdictions through acquisition, including its January 2025 purchase of FTX EU, the former European arm of the collapsed exchange FTX, after receiving the required approvals. Japan's crypto market has also been shifting: Nomura-backed Laser Digital became a registered crypto exchange service provider in August, the first new entrant in roughly four years, and the Financial Services Agency has been revising the country's digital asset rules, including bringing cryptocurrencies under financial instruments regulation.
What is still unclear
It is not settled which services would launch first, how tokenized deposits would be structured inside Backpack's platform, or when the bank's app might carry the exchange's investment offerings. The agreement's description also varies between the companies' statements and subsequent coverage, ranging from a cooperation agreement to a memorandum of understanding and a basic agreement, which underlines how early-stage the arrangement remains.
