Crypto exchange Backpack and Japan’s Minna Bank have agreed to explore integrating banking services into Backpack’s planned Japanese cryptocurrency trading platform. The Nov. 12 agreement between Minna Bank and Trek Labs Japan, Backpack’s Japanese subsidiary, initially covers Japanese yen deposits and withdrawals through the bank’s Banking as a Service infrastructure, conditional on Trek Labs Japan securing registration as a cryptocurrency exchange operator. The companies are also considering tokenized deposits, other blockchain-based financial products and linking Backpack’s investment services to Minna Bank’s mobile application. Minna Bank is a digital banking subsidiary of Fukuoka Financial Group. Trek Labs Japan is preparing to enter Japan’s regulated crypto market, while Backpack has expanded internationally through its self-custodial wallet, centralized exchange and the January 2025 acquisition of FTX EU. The agreement follows Minna Bank’s earlier work with Web3 firms and comes as Japan reviews rules for digital assets and on-chain finance.