Japanese Bank SMBC Plans to Develop NFT and Web3 Markets
The Sumitomo
Mitsui Banking Corporation (SMBC), the second largest of the three biggest
banks in Japan, has announced it is planning to expand into digital asset
businesses, including non-fungible tokens (NFTs) and Web3 platforms. The
company will partner with Hashport, a group that offers tokenization and
listing services in Japan, to launch a token business lab to experiment with
these new technologies.
The second-largest Japanese Bank has Launched Token and NFT Services
Many
traditional banking companies around the world are now considering entering the
crypto and digital asset business. The Sumitomo Mitsui Banking Corporation
(SBMC), an institution with more than 463 branches and a presence across the
world, has announced it is launching the cryptocurrency asset
business, with NFT and Web3 services as its main priority.
SMBC has
partnered with Hashport, a company that specializes in offering tokenization
solutions and listing services to achieve its objectives. The press release
indicates that SMBC’s business knowledge and Hashport’s Web3 technical
solutions will facilitate the joint venture to build a service platform. It states:
"We aim
to build an ecosystem involving many players in the NFT domain. We believe
that these efforts will contribute to the promotion of Web3 in Japan."
Business Token Lab
The result of
the collaboration will be the establishment of a business token lab that will
"engage in surveys, research, and demonstration experiments related to the
promotion of the token business."
It will also fulfill the long-term goal of the company, which is to encourage the spread of the
token business in Japan and also establish a division to offer digital custody
services. The joint venture has indicated that it aims to provide
"commercialization support and consulting services to customers
considering the token business, including the issuance of NFTs."
The SMBC
Group is also considering issuing its own token business in the future, taking
advantage of its international presence and its large established user base.
Other Japanese companies have also launched initiatives in this sector,
including Rakuten, an online retail company that launched its NFT
marketplace in February. In May, a subsidiary of the group
also announced it would partner with Bitbank, a Japanese crypto
exchange, to offer cryptocurrency custody services for institutions.
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