Japanese bank Sumitomo Mitsui announced plans to enter the Web3 and NFT market

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International Japanese bank SMBC will begin to expand its presence in the market, providing services to clients wishing to tokenize their business.

Sumitomo Mitsui Banking Corporation (SMBC)announced that the main directions will be Web3 and NFT. To achieve this goal, SMBC is partnering with Hashport, a company that specializes in providing tokenization and listing solutions. SMBC's business experience and Hashport's Web3 technical solutions will enable the joint venture to create a service platform.

SMBC is an international organization with450 branches worldwide. However, the company will begin work in the cryptocurrency field from its native Japan. It is expected that the collaboration between SMBC and Hashport will result in the creation of a business token laboratory that will conduct surveys, research and demonstration experiments related to the promotion of the token business.

The company's long-term goals includeencouraging the distribution of tokens in Japan, as well as the creation of a division offering digital storage services. However, this will not stop there. In the future, the company will provide consulting services to clients who want to introduce tokens into their business and issue NFTs.

The SMBC Group is considering issuing its own tokens in the future, taking advantage of its presence in the international banking market and its impressive customer base. 

Let us recall that in 2019, SMBC announced that they planned to start using the Marco Polo blockchain platform.