NFT
Japanese Bank SMBC to Go into NFT and Web3 markets
Sumitomo Mitsui Banking Corporation, the second-largest of the three largest banks in Japan, announced that it will expand into digital asset business, including non-fungible tokens and Web3 platforms. To launch a lab for testing these new technologies, the company will work with Hashport, which offers Japanese tokenization and listing services.
Second Biggest Japan Bank to Introduce Tokens and NFT Services
Many traditional banks around the globe are considering entering the digital asset and crypto market. SMBC, the Sumitomo Mitsui Banking Corporation, an institution with more than 463 branches and a presence all over the world, has announced it is going to enter the cryptocurrency asset business, taking NFT services and Web3 as its main priority in the field.
SMBC has partnered up with Hashport to achieve this goal. Hashport is a company that specializes both in listing and tokenization solutions. According to the press release, SMBC’s business expertise and Hashport’s Web3 technical solutions will enable the joint venture build a service platform. It says
We aim to build an ecosystem involving many players in the NFT domain. These efforts will be beneficial for Web3 promotion in Japan, we believe.
Business Token Lab
The result of this collaboration will be the creation of a business token lab that will engage in research and demonstration experiments related the the promotion of the token-based business .”
This aligns with the company’s long-term goal, which is to promote the token business in Japan as well as to establish a division that offers digital custody services. However, SMBC’s services go far beyond what is listed above. This joint venture stated that it aims to offer “commercialization support” and consulting services to customers who are interested in the token business.
The SMBC Group is considering issuing its own token company in the future to take advantage of its global presence and large user base. Other Japanese companies have also launched initiatives in this sector, including Rakuten, an online retail company that launched its own 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.
What do you think about SMBC getting into the NFT and token business? Please leave your comments below.
Sergio Goschenko
Sergio is a Venezuelan cryptocurrency journalist. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. He is a computer engineer by trade, lives in Venezuela and has been impacted by the cryptocurrency boom on a social level. This gives him a unique perspective about crypto success and how it benefits the underbanked and unbanked.
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