Sumitomo Mitsui Banking Corporation (SMBC), the second largest of Japan’s three biggest banks, has said it wants to expand into digital asset businesses, such as non-fungible tokens (NFTs) and Web3 platforms. The company will work with Hashport, a group in Japan that offers tokenization and listing services, to start a token business lab to try out these new technologies.

The second largest bank in Japan will offer token and NFT services.
Many traditional banks around the world are now thinking about getting into the business of crypto and digital assets. The Sumitomo Mitsui Banking Corporation (SMBC), which has more than 463 branches and is present all over the world, has said it will start doing business with cryptocurrency assets, with NFT services and Web3 as its top priorities.

To reach this goal, SMBC has teamed up with Hashport, a company that specializes in listing services and tokenization solutions. The press release says that the joint venture will be able to build a service platform with the help of SMBC’s business know-how and Hashport’s Web3 technical solutions. It says :

“We want to build an ecosystem with a lot of different players in the NFT field. We think these efforts will help get the word out about Web3 in Japan.”

As a result of the collaboration, a business token lab will be set up. This lab will “conduct surveys, research, and demonstration experiments to help promote the token business.”

This is also in line with the company’s long-term goal, which is to help the token business grow in Japan and set up a division to offer digital custody services. But SMBC wants to offer a lot more than just these services. The joint venture said that the goal of this move is to offer “commercialization support and consulting services to customers who are thinking about getting into the token business, including issuing NFTs.”

The SMBC Group is also thinking about starting its own token business in the future, taking advantage of the fact that it already has a large number of users and is known around the world. Other Japanese companies, like the online store Rakuten, have also started projects in this area. In February, Rakuten opened its own NFT marketplace. In May, a group subsidiary said it would work with Bitbank, a Japanese cryptocurrency exchange, to offer cryptocurrency custody services for institutions.

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