Japanese banking giant SMBC trialing soulbound tokens

Quick Take

  • Japanese bank Sumitomo Mitsui Financial Group is planning a trial of soulbound tokens for identity verification via a business partnership with HashPort Group.
  • SMBC and HashPort may also look at NFTs and web3 infrastructure development.

One of Japan's largest financial institutions, Sumitomo Mitsui Financial Group, is planning a trial of soulbound tokens for identity verification via a business partnership with HashPort Group.

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.

Secondly, it may look into testing soulbound tokens to prove behavior or claims about careers. Case studies may also be produced with companies interested in creating and marketing "fan communities using tokens."

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Going beyond soulbound tokens, SMBC and HashPort may also look at NFTs and web3 infrastructure development for domestic and overseas business penetration.

Today's announcement has been in the works for months. SMBC and HashPort have been in talks to launch a collaborative business effort to develop a web3 economic zone since July 2022.


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About Author

Adam is the managing editor for Europe, the Middle East and Africa. He is based in central Europe and was a managing editor and podcast host at the crypto exchange OKX's former research arm, OKX Insights. Before that, he co-founded BeInCrypto.com, which he elevated into one of the leading crypto media brands at its peak as the editor-in-chief. Earlier, he served as the editor-in-chief at Bitcoinist.com. Before joining the blockchain and crypto industry, he worked for Looper.com, Grunge.com and SVG.com. He tweets via @XBT002 and can be emailed at [email protected].

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