Japanese bank SMBC to enter Web3 and NFT, partners with Hashport

Japanese bank SMBC to enter Web3 and NFT, partners with Hashport

Sumitomo Mitsui Banking Corporation (SMBC), Japan’s second largest bank, has reportedly announced that it will be expanding into digital asset (cryptocurrency) businesses, with a focus on Web3 platforms and non-fungible tokens (NFTs).

In a press release, the bank stated that it would be collaborating with Hashport, a Japanese firm offering listing and tokenization services, to launch a token business lab with new technologies.

SMBC will be combining its business knowledge with Hashport’s Web3 technical solutions to form a joint venture and develop a service platform.

The banking giant hopes to create an ecosystem involving several players in the NFT sector while expressing its belief that these efforts will lend a helping hand in promoting Web3 in the country.

The collaboration aims to create a business token lab which will carry out research and surveys and demonstrate experiments associated with promoting the token business.

This move coincides with SMBC’s long-term goal of encouraging the expansion of the token business in the country and establishing a special division that will offer related digital custody services. The joint venture also indicates that the deal intends to provide consulting services and commercialization support to customers regarding the token business, including allocation and distribution of NFTs.

The SMBC Group has been looking into issuing its own token business in the future, given its international presence and a wide and well-known customer base.

However, it is not the first to make such a move, as many banking and financial institutions have also announced ventures in the crypto sector.

Earlier in March, Mitsubishi UFJ Financial Group (MUFG), Japan’s largest financial institution, announced a partnership with Hong Kong-based Animoca Brands to accelerate the development of the NFT market in the country.

In May, Sumitomo Mitsui Trust, another major banking and financial institution in the country, announced a partnership with Japanese crypto exchange platform Bitbank, to launch cryptocurrency custody services.

Source credit: https://news.bitcoin.com/japanese-bank-smbc-to-foray-into-nft-and-web3-markets/