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The leader of Japanese banking, SMBC (Sumitomo Mitsui Financial Group) has partnered with a blockchain startup called HashPort. The partnership is focused on creating new NFT and Web3 projects.
SMBC and HashPort establish cooperation
Sumitomo Mitsui Financial Group is a Japanese giant in the banking services market with assets worth $ 2,1 trillion. The group recently started a partnership with the blockchain startup HashPort to work together on NFT and Web 3 projects.
The SMBC Group currently runs one of the major banks in Japan. In cooperation with HashPort, the leader of Japanese banking intends to create a real "token business laboratory". The project is aimed at testing new token trading opportunities, including NFT.
Mitsubishi UFJ Financial Group also targets the NFT market
The SMBC Group, by taking up a new challenge, has already had a clear path. In March, the largest Japanese bank - Mitsubishi UFJ Financial Group (MUFG) started cooperation with Animoca Brands, which was focused on the development of activities in the NFT area.
The new partnership was also a commitment for MUFG to actively support the development of the NFT market, and for this purpose it used the know-how provided by Animoca Brands. The solution was applied in digital content, intellectual property rights and NFT market management processes.
MUFG Bank has committed to engaging in Web 3.0 security, which covers the rapidly growing NFT market. Therefore, it not only supports the issue and quotations of NFTs, but also provides services related to their trading.
After NFT, it's time for stablecoins
MUFG Bank and the SMFG group significantly contributed to the development of the NFT market in Japan. Now the Land of the Rising Sun is ready to adopt the legal framework for stablecoins. This is evidenced, for example, by the fact that the Japanese parliament has recently adopted an act defining their legal status. The act defines stablecoins as digital coins linked to the yen or other traditional currency, giving their owners the right to exchange them at face value.
