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Buying cryptocurrency in Japan could become easier if a new partnership between Backpack and Minna Bank moves ahead. The crypto exchange has signed an agreement with the digital bank to explore ways of connecting traditional banking services with its planned Japanese trading platform.
The immediate focus is on Japanese yen deposits and withdrawals. For customers, that could mean moving money between a bank account and a crypto trading platform without having to navigate multiple payment arrangements.
The agreement was announced on November 12, 2026. It involves Minna Bank, part of Fukuoka Financial Group, and Trek Labs Japan, Backpack's Japanese subsidiary. There is one important condition, though: Trek Labs Japan must first obtain registration as a cryptocurrency exchange operator before offering regulated trading services.
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Minna Bank will explore providing its Banking-as-a-Service infrastructure for the arrangement. In practical terms, this could allow Backpack to use the bank's existing systems to handle yen payments rather than building an entirely separate banking network.
The companies are also looking beyond basic transfers. They are considering tokenized deposits, which represent money held in conventional bank accounts in a digital, blockchain-compatible format.
Another idea under discussion is making Backpack's investment services available through Minna Bank's mobile banking app. Neither initiative has been confirmed as a finished product.
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For Backpack, Japan offers an opportunity to expand its presence in a market where cryptocurrency businesses operate under a formal regulatory framework. Trek Labs Japan is preparing to register as a crypto exchange operator. Until that process is completed, the company cannot simply launch the proposed domestic trading services.
Backpack began operations in 2023 and offers cryptocurrency trading and wallet services. Its agreement with Minna Bank gives the company a potential banking partner as it works towards entering Japan.
For now, there is no confirmed launch date for the proposed services. The real test will be whether Backpack secures the necessary approval and turns the agreement into something customers can actually use.