July 27, 2022 1:02 PM UTC
July 27, 2022 at 13:02 UTC
Sumitomo Mitsui Banking Corporation (SMBC), the second largest of Japan’s 3 largest banks, has proclaimed that it is trying to expand into digital asset businesses, as well as non-fungible tokens (NFTs) and cryptocurrencies. Web3 platforms. The company may partner with Hashport, a group that provides tokenization and SEO services in Japan, to launch a token trading science lab to experiment with these new technologies.
The second largest Japanese bank to introduce Token and NFT services
Many former banking companies around the world are now considering getting into the crypto and digital asset business. SMBC, the Sumitomo Mitsui Banking Corporation, an institution with no less than 463 branches and a presence all over the world, has proclaimed its intention to enter the quality cryptocurrency sector, taking NFT and Web3 services as its main priority in the field.
To achieve this goal, SMBC has partnered with Hashport, an organization that focuses on providing tokenization solutions and SEO services. The statement said SMBC’s business data and Hashport’s Web3 technical solutions can enable the company to build a service platform. It is said:
Our goal is to create a system involving several players in the NFT field. We tend to believe that these efforts can help promote Web3 in Japan.
Business Token Science Lab
The results of the collaboration are the establishment of an Enterprise Token Science Lab, which can “engage in investigations, research, and demonstration experiments associated with promoting token trading.”
This also coincides with the company’s long-term goal of encouraging the development of the token business in Japan and additionally establishing a division to provide digital custody services. However, the services that SMBC aims to provide transcend them. The firm said the move was to provide “marketing support and advisory services to customers considering the token business, as well as the NFT issue.”
The SMBC cluster also plans to issue its own token business in the future, taking advantage of its international presence and massive established user base. Other Japanese companies have also launched initiatives in this sector, as well as Rakuten, an online retail company which launched its own NFT market in February. In May, a subsidiary of the cluster also proclaimed that it would partner with Bitbank, a Japanese crypto exchange. , to provide cryptocurrency custody services to institutions.