One of the largest banks in Japan, SMBC has announced that they will work with blockchain startup HashPort to offer and develop improved services for Web3 and NFT projects.
HashPort and SMBC plan to establish a “token business lab”. The main aim of the “token business lab” will be to experiment on NFT businesses. During March last year, Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank, had collaborated with Animoca Brands to expand and develop the NFT market.
Shockingly!! Things didn’t go well in the end. According to MUFG, the blockchain payment option was suspended since it yielded low profits. The community of Japan’s top banks, however, launched a white paper in November to investigate the prospects for a new cryptocurrency supported by bank wallets.
