Japanese bank SMBC and startup HashPort plan to develop the NFT market

According to a press release from SMBC, the partners plan to create their ecosystem with more players to promote Web3 in Japan. Token Business Lab will play a special role in this process. Within the project, the companies will cooperate on research and demonstration experiments with NFTs and popularize them.

Source: prtimes.jp

In the future, Sumitomo Mitsui Financial Group Corporation will focus on developing its token business. SMBC and HashPort are also expected to advise startups that want to issue NFTs independently.

Japanese companies such as SBI, Nomura, Mitsubishi UFJ Financial Group, and Animoca Brands have started working on Web3. SBI Group and Nomura have announced a joint investment in tokens. Additionally, Nomura plans to create a subsidiary specializing in digital assets, while SBI is acquiring shares of the local cryptocurrency exchanges.

The largest Japanese banking group, MUFG, and Animoca Brands have joined forces to support the development of the NFT market, but there is no detailed information about their partnership yet. MUFG is expected to handle and process the fiat transactions, while Animoca Brands will create the platform and begin engaging partners and rights holders with the original NFTs. MUFG’s Progmat Coin platform, presented in February 2022, is designed for stablecoins, service tokens, and security tokens.