- Sumitomo Mitsui Financial Group will work with HashPort to develop non-fungible token and Web3 projects.
- SMBC and HashPort will set up a token business lab to experiment on token businesses such as NFTs.
- To support the NFT market development, Mitsubishi UFJ Financial Group, in March, paired up with Animoca Brands.
Sumitomo Mitsui Financial Group has announced working with HashPort, a Japanese Web3 startup with an aim to develop an ecosystem based on NFTs and Web3, which also includes promotion of Web3 in Japan.
Upon setting up a Token Business Lab, both organizations will team-up on research and demonstrations. Moreover, they will work on token business promotion. This will be followed by SMBC group developing its personal token business. Furthermore, enterprises will be consulted by both groups to issue tokens like non-fungible tokens.
A total of three business divisions come under HashPort. In its token architect business, it includes system and crypto-asset audits besides developing tokenomics for cryptocurrency issuance. Other than these, there’s an enterprise wallet as well as a subsidiary Hash Palette in NFTs.
A number of banks and institutions in Japan have gone the Web3 leap. However, SBI remains at the forefront and has not only obtained an NFT company but also rebranded it as SBINFTs.
Animoca Brands had joined MUFG, Japan’s largest banking group in the month of March; however, there are no details as to how they will work together. Supporting utility tokens is another job MUFG’s Progmat blockchain solution does, other than targeting security tokens and stablecoins.
Nomura, in May, confirmed a digital subsidiary and collaborated with SBI for the purpose of capital investment in startups using crypto tokens.