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SMBC Japanese Bank Is Experimenting With Soulbound Tokens

SMBC – Through a partnership with HashPort Group, one of the biggest financial institutions in Japan, Sumitomo Mitsui Financial Group, intends to test soulbound tokens for identity verification.

SMBC Japanese Bank Is Experimenting With Soulbound Tokens 2

Firstly, SMBC will issue soulbound tokens on a trial basis, according to a release, with technical support from HashPort, through the end of March 2023.

Second, it might consider putting soulbound tokens to the test to demonstrate behavior or career claims. Case studies involving businesses interested in developing and marketing “fan communities utilizing tokens” may potentially be generated.

Beyond soulbound tokens, SMBC and HashPort might also consider NFTs and the development of web3 infrastructure for domestic and international business penetration.

The announcement made today has been planned for weeks. Since July 2022, SMBC and HashPort have been in discussions about starting a joint venture to create a web3 economic zone.

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Annie

Coincu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.