Sumitomo Mitsui Banking Corporation (SMBC), the second of Japan’s three largest banks, has announced plans 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 SEO services in Japan, to launch a trading token lab to experiment with these new technologies.
The second largest Japanese bank to introduce Token and NFT services
Many traditional banking firms around the world are now considering getting into the crypto and digital asset business. SMBC, the Sumitomo Mitsui Banking Corporation, an institution with more than 463 branches and a worldwide presence, has announcement it will enter the cryptocurrency asset business, taking NFT and Web3 services as its main focus in the field.
To achieve this goal, SMBC has partnered with Hashport, a company that specializes in offering tokenization solutions and SEO services. The press release says SMBC’s business knowledge and Hashport’s Web3 technical solutions will enable the joint venture to build a service platform. It is said:
We aim to build an ecosystem involving many players in the NFT field. We believe that these efforts will help promote Web3 in Japan.
Enterprise Token Lab
The result of the collaboration will be the establishment of an Enterprise Token Lab, which will “engage in investigations, research, and demonstration experiments related to the promotion of token activity.”
This also coincides with the company’s long-term goal of encouraging the spread of token trading in Japan and also establishing a division to offer digital custody services. However, the services that SMBC aims to offer go beyond these. The joint venture said the move was to provide “marketing support and advisory services to clients considering the token business, including issuing NFTs.”
SMBC Group also plans to issue its own token business in the future, taking advantage of its international presence and large established user base. Other Japanese companies have also launched initiatives in this sector, including Rakuten, an online retail company that spear its own NFT market in February. In May, a subsidiary of the group also announcement it would partner with Bitbank, a Japanese crypto exchange, to offer cryptocurrency custody services to institutions.
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