Japan’s Minna Bank Joins Hands With Backpack to Explore Crypto Services

Highlights:

• Backpack and Japan’s Minna Bank signed an agreement to explore yen deposits and withdrawals for crypto users.
• The planned banking integration depends on Trek Labs Japan obtaining registration as a cryptocurrency exchange operator.
• The companies will also study tokenized deposits and possible investment services within Minna Bank’s mobile app.

Cryptocurrency exchange Backpack has signed a memorandum of understanding (MOU) with Japan’s Minna Bank to explore bringing banking services to its planned crypto platform in the country. The agreement could allow users to deposit and withdraw Japanese yen directly through the exchange. Both companies also plan to examine other financial services that connect traditional banking with cryptocurrency.

In an official announcement on November 12, Minna Bank confirmed the agreement with Trek Labs Japan, Backpack’s Japanese subsidiary. The digital bank operates under Fukuoka Financial Group (FFG), one of Japan’s major regional banking groups.

JUST IN: 🇯🇵 Crypto exchange Backpack partners with Japan's first digital bank, Minna Bank, to explore crypto-related banking services using blockchain technology! 🚀 pic.twitter.com/LqeJ3p692B

— The Moon Show (@TheMoonShow) November 12, 2026

Backpack and Minna Bank Plan Yen Deposit and Withdrawal Services

Under the agreement, Backpack and Minna Bank will explore adding banking services to the cryptocurrency trading platform that Trek Labs Japan plans to launch. The companies want to use Minna Bank’s Banking-as-a-Service (BaaS) system, which allows other businesses to offer banking functions through their own platforms.

The initial plan focuses on Japanese yen deposits and withdrawals. If the companies move forward, customers could transfer funds between banking services and Backpack’s crypto platform more easily. However, Trek Labs Japan must first secure registration as a cryptocurrency exchange operator in Japan.

The company is currently preparing for that process and has not announced when it expects to receive approval. Minna Bank also said it would share further details about the proposed services once both sides complete their discussions.

Companies Explore Tokenized Deposits and Other Financial Services

Beyond yen transfers, the agreement covers possible cooperation on tokenized deposits and investment services. Minna Bank is considering issuing tokenized bank deposits, which would represent traditional bank balances on the blockchain. The companies will study how those deposits could work with Backpack’s digital asset infrastructure.

They also plan to examine whether Minna Bank could offer investment services from Trek Labs Japan through its mobile banking application. These plans remain under discussion. Neither company has confirmed a launch date or announced specific products under the agreement.

Backpack already operates a cryptocurrency exchange and a self-custody wallet internationally. Its Japanese subsidiary aims to bring similar services to the country while meeting local regulatory requirements.

Minna Bank Expands Its Crypto and Web3 Partnerships

The agreement follows Minna Bank’s earlier efforts to connect banking services with blockchain technology. On June 12, the bank announced a separate agreement with Slash Vision, a company developing stablecoin payment solutions.

The two firms agreed to explore adding banking functions to the Slash App and developing payment services that combine traditional banking with blockchain technology. Minna Bank has also worked with other financial technology companies to expand its digital banking services.

The latest Backpack agreement adds cryptocurrency trading to the bank’s planned areas of cooperation. However, the proposed integration still depends on regulatory registration and further discussions between the companies.