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Japanese Banking Giant SMBC Will Use Soulbound Tokens For Identity Verification

source-logo  cryptonews.net 08 December 2022 14:31, UTC
Anna Martynova

Japan's second largest bank, Sumitomo Bank, has announced that it will use personal tokens for identity verification. Sumitomo Mitsui Financial Group is partnering with Hashport to this end, which is the result of a discussion that began in July 2022.

The bank has several options for using the token, although initially it will be used solely for identity verification. SMBC looks forward to partnering with other companies to help them interact with their users through the Soulbound token. Tokens can be used to verify a person's background when they move to another job.

The bank will release the Soulbound token on a trial basis. Hashport will support Sumitomo Mitsui until March 2023. The use of Soulbound tokens is a bid by both parties to create a "safe and secure Web3 economic zone". Web3 is a sector that Japan has a lot of interest in, and the government is interested in using related technologies.

Image: Forbes