Sumitomo Mitsui Banking Corporation, Japan’s second-largest bank, announced that it will expand its digital assets businesses. This includes non-fungible tokens and Web3 platforms. Hashport will be the partner of the bank to create a lab for tokenization and listing in Japan.
Second Biggest Japanese Bank to Offer NFT Services and Tokens
Many large traditional banks around the world have begun to consider entering the digital asset and crypto market. Sumitomo Mitsui Banking Corporation (SMBC), a bank with over 463 branches worldwide, recently announced that it will enter the crypto asset market, taking NFT and Web3 as its primary focus.
SMBC has partnered up with Hashport to achieve its goal. Hashport is a company that offers tokenization services and listing services. The press release indicates that SMBC’s business knowledge and Hashport’s Web3 technical solutions will allow the joint venture to build a service platform. The press release states that:
The NFT Domain ecosystem should be a collaborative effort of many actors. These efforts are expected to promote Web3 Japan.
Business Token Lab
The result of the collaboration will be the establishment of a business token lab, that will “engage in surveys, research, and demonstration experiments related to the promotion of the token business.”
This is also in line with the company’s long-term goal, which is encourage Japan to adopt the digital token business and to establish a subsidiary to provide digital custody services. However, SMBC’s services go far beyond this. The joint venture indicated this move aims to provide “commercialization support and consulting services to customers considering the token business, including the issuance of NFTs.”
The SMBC Group may also consider issuing its own token company in the future. This would take advantage of its global presence and large user base. Rakuten is an online retailer that has launched its own NFT market in Japan, and there have been other Japanese firms who also started initiatives in the sector. A subsidiary announced in May that it was partnering with Bitbank to provide cryptocurrency custody services to institutions. Bitbank is a Japanese crypto exchange.
Do you have any thoughts about SMBC getting involved in the NFT and token businesses? Leave a comment below.
Images CreditsShutterstock.com, Pixabay. Wiki Commons. yu_photo.
DisclaimerInformational: It does not constitute an offer, solicitation, or recommendation of any company, products or services. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the content or use of any goods, services, or information mentioned in the article.
