Japanese bank SMBC plans to develop NFT business

Sumitomo Mitsui Monetary Group (SMBC Group), which runs one in every of Japan’s largest banks, stated Friday it is going to work along with blockchain startup HashPort to develop non-fungible token (NFT) and Web3 tasks.

See associated article: PSG sells US$220,000 NFT tickets for first Japan tour in 27 years

Quick information

• SMBC and HashPort plan to arrange what they name a token enterprise lab, which goals to experiment on token companies reminiscent of NFTs, in keeping with the Friday assertion.
• In March, Mitsubishi UFJ Monetary Group (MUFG), Japan’s largest financial institution, teamed up with Animoca Manufacturers to “assist the event of the NFT market.”
• Nonetheless, it was not at all times clean crusing. MUFG stated in February it might shut its blockchain fee enterprise as a consequence of sluggish earnings.
• In November, an business discussion board consisting of a few of Japan’s high banks launched a white paper to look at the opportunity of a brand new cryptocurrency backed by financial institution deposits.

See associated article: Mitsubishi UFJ ditches blockchain fee enterprise