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Sumitomo Mitsui Banking Corporation (SMBC), the second largest of the three largest banks in Japan, has announced plans to expand into digital asset businesses, including non-fungible tokens (NFT) and Web3 platforms. The company will partner with Hashport, a group that provides tokenization and listing services in Japan, to launch a token business lab to experiment with these new technologies.
Many traditional banking companies around the world are now considering entering crypto and digital assets. SMBC, Sumitomo Mitsui Banking Corporation, an institution with more than 463 branches and worldwide presence, has announced that it will enter the cryptocurrency business, taking NFT services and Web3 as its main priority in the field.
To achieve this goal, SMBC has partnered with Hashport, a company that specializes in providing tokenization solutions and listing services. The press release indicates that SMBC’s business expertise and Hashport’s Web3 technical solutions will allow the joint venture to build a service platform. It says:
We aim to build an ecosystem that involves many players in the NFT domain. We believe that these efforts will help promote Web3 in Japan.
The result of the cooperation will be the creation of a business token laboratory, which will “engage in investigations, research and demonstration experiments related to the promotion of the token business.”
This also coincides with the company’s long-term goal, which is to encourage the spread of the token business in Japan and also establish a division to provide digital custody services. However, the services that SMBC aims to offer go beyond these. The joint venture indicated that this move aims to provide “commercialization support and consulting services to clients considering the token business, including the issuance of NFTs.”
SMBC Group is also considering issuing 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 launched its own NFT marketplace in February. In May, a subsidiary of the group also announced that it would partner with Bitbank, a Japanese crypto exchange, to offer institutional cryptocurrency custody services.
What do you think about SMBC entering the NFT and token business? Tell us in the comments section below.
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