ONE OF THE THREE LARGESTS BANKS IN JAPAN HAS DECLARED INTENTION TO GROW IN THE WORLD OF DIGITAL ASSETS!
The second-largest of Japan’s three largest banks, Sumitomo Mitsui Banking Corporation (SMBC), has declared its intention to grow into the world of digital assets, including non-fungible tokens (NFTs) and Web3 platforms. The business will build a token business lab in collaboration with Hashport. This startup provides tokenization and listing services in Japan to test out these new technologies.
Around the world, several conventional banking institutions are now debating whether to get into the cryptocurrency and digital asset space. Sumitomo Mitsui Banking Corporation, an organization with more than 463 locations and global reach, has stated it will enter the crypto asset sector. They are prioritizing NFT services and Web3 in the space.
To accomplish this, SMBC has joined forces with Hashport, a business that provides listing services and tokenization solutions. According to the press release, the joint venture will be able to create a service platform thanks to the business expertise of SMBC and the technical capabilities of Hashport’s Web3 platform.
Due to the agreement, a business token lab that “engages in surveys, research, and demonstration trials linked to the promotion of the token business” will be established.
This also aligns with the company’s long-term objectives, which include creating a division to provide digital custody services and promoting Japan’s token sector’s growth. However, SMBC seeks to offer more than just these services. According to the joint venture, this action aims to provide “commercialization support and advisory services to customers considering the token industry, including the issue of NFTs.”
The SMBC Group is also thinking about launching its own token company in the future, capitalizing on its extensive user base and global reach. Other Japanese businesses have also started projects in this field, such as the online retailer Rakuten, which unveiled its NFT market in February. A company division also declared in May that it would collaborate with the Japanese crypto exchange Bitbank to provide institutions with custody services for cryptocurrencies.