Blockchain for Banking News

SMBC is latest Japanese bank to launch web3, NFT, custody initiative

SMBC web3

Today Sumitomo Mitsui Financial Group (SMBC) announced that it plans to work with Japanese web3 startup HashPort to develop an ecosystem around Web3 and NFTs, including promoting Web3 in Japan. They also plan to work together on custody.

[NOTE: to avoid false token speculation, HashPort is a Japanese company not associated with the cross-chain HashPort token.] 

The two organizations will set up a Token Business Lab to collaborate on research and demonstrations and promote the token business. After that, SMBC Group plans to develop its own token business and both groups will consult enterprises that plan to issue tokens, such as NFTs.

HashPort has three business divisions. It has a ‘token architect’ business which includes system and crypto-asset audits as well as developing tokenomics for cryptocurrency issuance. Additionally, there is an enterprise wallet offering and a subsidiary Hash Palette, that specializes in NFTs.

Meanwhile, several other Japanese institutions and banks have already taken the Web3 leap. As always, SBI is ahead of the game. It acquired an NFT company and rebranded it as SBINFTs. 

In March, Animoca Brands partnered with Japan’s largest banking group MUFG, but the details of how they plan to work together are not yet clear. MUFG’s Progmat blockchain solution targets security tokens and stablecoins but also supports utility tokens.

In May, Nomura confirmed a new digital asset subsidiary and partnered with SBI for venture capital investment in startups via crypto tokens.

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