4 months ago 1 min read

Japanese Bank SMBC Researching With Soulbound Tokens


SMBC - Sumitomo Mitsui Financial Group, one of the largest financial institutions in Japan, plans to test soulbound tokens for identity verification through a partnership with HashPort Group.

First off, through the end of March 2023, SMBC will test-release soulbound tokens with technical assistance from HashPort.

Second, it might think about testing the validity of behavior or career claims using soulbound tokens. It may be possible to produce case studies of companies that are interested in creating and promoting "fan communities using tokens".

In addition to soulbound tokens, SMBC and HashPort may take into account NFTs and the creation of web3 infrastructure for the penetration of home and foreign markets.

Weeks of planning went into the announcement that was made tonight. SMBC and HashPort have been negotiating the formation of a joint venture to establish a web3 economic zone since July 2022.

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