Japanese trad. bank SMBC announces expansion in the Web3 business

Japan’s second-largest traditional bank, Sumitomo Mitsui Banking Corporation (SMBC) announces expansion in the cryptocurrency business centered around NFT and Web3-related services to its members.

SMBC also announced it has partnered with Hashport, a company that offers tokenization and solutions and listing services, to build its own ecosystem and service platform.

”We aim to build an ecosystem involving many players in the NFT domain. We believe that these efforts will contribute to the promotion of Web3 in Japan," the official press release states.

First, both organizations will establish a business token lab to collect data and experiment with the promotion in order to establish a long-term market in Japan, including  ”commercialization support and consulting services to customers considering the token business, including the issuance of NFTs."

SMBC already has a well-established image as a traditional bank around the world with 463 branches spread out in Japan. The next step for the bank is to bring its consumers into the token business and eventually launch its own token in the future.

Other than SMBC, many Japanese companies are rapidly adopting the new technology as a part of their model. Additionally, many Japanese creators and artists are also entering the NFT space, making Japan one of the leading companies in this sector.

With SMBC’s traditional experience and Hashport’s Web3 solutions, the bank is expected to make a ground-breaking contribution to Japan’s Web3 expansion.