According to CoinMeta, Wu said that Fukuoka Financial Group of Japan's digital banks minna and bank have announced that they have signed a basic cooperation agreement with the Japanese legal entities of cryptocurrency exchanges backpack, trek, labs, and japan. They plan to provide banking services such as Japanese yen deposit and withdrawal for the trading platform that backpack intends to launch in Japan through the bank-as-a-service (BaaS) model. The two parties will also explore the application of tokenized deposits, as well as integrating backpack's asset management services within the minna and bank applications. Currently, trek, labs, and japan are still preparing to apply for a license to operate as a Japanese cryptocurrency exchange.