Japan’s Financial Group to release soulbound tokens to explore Web3

Sumitomo Mitsui Financial Group (SMBC), a leading financial organization in Japan, is testing soulbond tokens to meet emerging social requirements.

Today, December 8, 2022, SMBC formally announced a commercial cooperation with the digital asset company HashPort for a program aimed at using SBTs in real-world applications and the potential of Web3 through the issuance of soulbond tokens (SBTs).

According to the news release, the SMBC Group and the HashPort Group have been negotiating the establishment of a combined enterprise for building a safe and secure Web3 economic zone since signing a fundamental agreement in July 2022.

The SMBC Group will issue SBTs on a trial basis with technical support from the HashPort Group through the end of March 2023 as the first phase of demonstration testing under this basic agreement.

Based on the outcomes of the initial testing, the second phase will involve scenario testing in which SBTs are employed as proof of behaviour/career. During this phase, testing will be carried out to produce case studies of SBT utilization with the cooperation of businesses.

To promote the growth of the crypto company both domestically and internationally, the two parties will also think about constructing infrastructure for the Web3 economic zone and creating content-related NFT businesses.

SMBC stated that one of the real-world scenarios where an SBT might be used is when a user is simultaneously playing the role of a music enthusiast and a working adult. “This user”can concurrently confirm his or her identification and the career information linked with them by allowing his or her employer to reference the SBTs.

The companies also plan to study SBTs to see how they may be used in communities, workplaces, knowledge-sharing services, and decentralized autonomous organizations (DAOs).

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