The SMBC (Sumitomo Mitsui Banking Corporation) ‘s second largest bank in Japan, has revealed plans to expand in the digital asset sector. As per reports, the bank will devolve into the world of Web3 and NFTs.
Additionally, the bank will collaborate with the Hashport group. This group offers listing and tokenization services in Japan.
With the partnership, the SMBC will launch a business token lab. In the lab, it would experiment and explore the potential and uses of these nascent technologies.
Japanese Bank Plans To Introduce NFT And Token Services
Recently, several banking institutions global are entering the digital asset space. The Japanese banking firm SMBC, with over 463 branches internationally, has joined the bandwagon.
The company announced that it would enter the crypto industry while paying more attention to Web3 and NFT services. To meet this goal, the banking firm will collaborate with Hashport.
Meanwhile, Hashport is a firm that offers listing and tokenization services to various companies. Combining the business knowledge of SMBC and the Web3 solution of Hashport will allow both forms to open a new platform.
“We want to develop an ecosystem that will house various participants in the NFT sector. Also, these efforts would promote the web3 industry in Japan,” the report added.
Additionally, this collaboration will lead to the formation of a business lab. At this lab, the company will engage in research, demonstration experiments, and surveys related to promoting the company.
The SMBC Plans To Offer Custodian Services For Digital Assets
Meanwhile, this initiative follows the company’s long-term plan to encourage the growth of token business in the country. Also, SMBC plans to create a division that will offer custodian services for digital assets.
However, the report noted that the firm has other plans for web3 and NFTs. Meanwhile, the collaboration of both firms will provide consultancy services for customers.
It would also offer commercialization support for customers that wish to enter the token business. Additionally, it would guide those that want to issue NFTs.
Furthermore, the bank is thinking of issuing business tokens in the future. It will use its large userbase and international presence to garner wide adoption.
Other Japanese-based firms have launched various projects in the NFT sector. An example is Rakuten, an online store that launched an NFT market in February.
In May, a subsidiary of the bank also partnered with Bitbank crypto exchange. The aim was to allow it to offer custodian services for crypto to various institutions.