SMBC ($2.1 trillion in assets) of Japan will develop NFT and Web3 Projects

Sumitomo Mitsui Banking Corporation (SMBC) said it would work with Japanese Web3 company HashPort to build an ecosystem around Web3 and NFTs. This would include marketing Web3 in Japan. They also want to work together on issues related to child custody.

To help the token business grow, the two universities will set up a lab where they can work together on research and shows. After that, Sumitomo Mitsui Banking Corporation plans to start its own token business. The two companies will talk to companies like NFTs that are planning to start their own token businesses.

HashPort is split into three different business areas. It runs a service called “token architect,” which includes audits of systems and crypto assets as well as the creation of token economics for the issuance of crypto. There is also a solution for corporate wallets and a branch of Hash Palette that focuses on NFTs.

In the meantime, many more Japanese businesses and banks have made the switch to Web3. SBI is back in first place. It bought a company called NFT and changed its name to SBINFTs.

In March, Animoca Brands joined forces with MUFG, Japan’s largest bank, but the details of their partnership are still unknown. MUFG’s Progmat blockchain solution is designed for security tokens and stablecoins, but it can also be used for utility tokens.

In May, Nomura confirmed that it was making a new subsidiary for crypto assets and announced that it would work with SBI to invest in startups using cryptocurrency tokens as venture capital.

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