Japanese bank SMBC plans to develop NFT business

Sumitomo Mitsui Financial Group (SMBC Group), which runs one of Japan’s largest banks, said Friday it will work together with blockchain startup HashPort to develop non-fungible token (NFT) and Web3 projects.

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Fast facts

• SMBC and HashPort plan to set up what they call a token business lab, which aims to experiment on token businesses such as NFTs, according to the Friday statement.
• In March, Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank, teamed up with Animoca Brands to “support the development of the NFT market.”
• However, it was not always smooth sailing. MUFG said in February it would close its blockchain payment venture due to slow profits.
• In November, an industry forum consisting of some of Japan’s top banks released a white paper to examine the possibility of a new cryptocurrency backed by bank deposits.

See related article: Mitsubishi UFJ ditches blockchain payment venture