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Japan’s banking giant SMBC plans to develop NFT and Web3 projects

Japan's banking giant SMBC plans to develop NFT and Web3 projects

Source: Wikimedia.com, Sumitomo Mitsui Financial Group (SMBC Group)

The Sumitomo Mitsui Financial Group (SMBC Group), which operates one of Japan’s largest banks, said in a statement on Friday it will work with blockchain startup HashPort to build non-fungible token (NFT) and Web3 projects.

SMBC to launch a token business lab

SMBC Group and HashPort plan to launch a so-called token business lab to experiment with token businesses such as NFTs or other Web3 applications.

SMBC Group’s current project is another milestone in the Japanese crypto market, as back in March, Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank, partnered with Animoca Brands to “support the development of Japan’s NFT market.”

Japan's banking industry publishes white paper

Earlier, in November 2021, an industry forum that involved some of Japan’s leading banks published a white paper exploring the possibility of a new bank deposit-backed cryptocurrency.

Disclaimer

This article does not provide investment advice. Historical cryptocurrency data is not a guarantee of future market developments. The author may hold several of the cryptocurrencies mentioned in this article.

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