Japanese SMBC Group Prepares for Web3

Sumitomo Mitsui Financial Group (SMBC Group), revealed its plans to collaborate with blockchain startup HashPort on NFT and Web3 projects, including publicizing Web3 in Japan.

SMBC x HashPort

smbc-hashport-web3-japan

The group, which runs one of Japan’s largest banks, mentioned that it will be working with HashPort on what it dubs a Token Business Lab. The lab will experiment on a numeral of token businesses, including NFTs. SMBC Group even plans to develop its own token, with plans to consult with companies that wish to release tokens such as NFTs.

It is worth noting that HashPort is a Japanese company and has no connections with the cross-chain HashPort token. That being communicated, the company has three divisions – a subsidiary Hash Palette that specializes in NFTs, an enterprise wallet unit, and a ‘token architect’ business that deals with cryptocurrency distribution, tokenomics, and crypto-asset audits.

In the meantime, several Japanese financial institutions have tapped into the Web3 domain. For example, In March, Japan’s largest banking group Mitsubishi UFJ Financial Group (MUFG) sealed a deal with Animoca Brands to support the development of the NFT market. And in May, Nomura revealed a new digital asset subsidiary in collaboration with SBI for venture capital investment in crypto-based startups.

Also read, Japan’s top messenger app launches NFT Marketplace

The SMBC Group and the HashPort Group have incorporated the SMBC Group’s broad customer base and know-how regarding various businesses with the plentiful knowledge and technology related to Web3.0 that the HashPort Group has been working on to NFT. They aim to build an ecosystem that involves many players in the field and believe that these efforts will contribute to the promotion of Web3.0 in Japan.


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