To create an ecosystem around <a href="https://www.cryptoknowmics.com/news/new-skybridge-fund-to-focus-on-web3-fintech-and-crypto-startups/" target="_blank" rel="noopener">Web3</a> and NFTs, including promoting Web3 in Japan, Sumitomo Mitsui Financial Group (SMBC) announced plans to collaborate with Japanese Web3 company HashPort. They intend to work together on custody as well.

The two institutions will establish a token business laboratory to collaborate on research and demonstration projects to advance token business. The two parties will consult businesses that intend to issue tokens, including NFTs before Sumitomo Mitsui Banking Corporation develops its token business.
<h2>Three Commercial Divisions Of HashPort</h2>
HashPort has three commercial divisions. Its "token architect" company develops token economics for cryptocurrency issuance in addition to auditing systems and cryptographic assets. There is also an enterprise wallet solution and a <a href="https://hashpalette.com/" target="_blank" rel="nofollow noopener">Hash Palette</a> subsidiary focusing on NFTs.

Other Japanese institutions and banks have jumped to Web3 in the meantime. SBI is in the lead as usual. It bought an NFT business and gave it the new name SBINFTs. The largest banking firm in Japan, MUFG, and Animoca Brands have partnered, but it's not apparent exactly how their collaboration will play out. Security tokens and stablecoins focus on MUFG's Progmat blockchain system, which also supports utility tokens. Nomura announced a new subsidiary for crypto assets in May and teamed up with SBI to invest in startup venture capital using cryptocurrency tokens.

Japanese Bank SMBC Announces to Develop Business Around NFTs

To create an ecosystem around Web3 and NFTs, Sumitomo Mitsui Financial Group (SMBC) announced plans to collaborate with Japanese web3 company HashPort.

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

Japanese Bank SMBC Announces to Develop Business Around NFTs

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