Japanese financial group, Sumitomo Mitsui moves forward with SBTs to explore Web3

• Blockchain Council
• December 09, 2022

Sumitomo Mitsui (SMBC), a popular Japanese financial group, is now set to use Soulbond Tokens to explore the benefits of Web3 Technologies. Soulbond Tokens were proposed by the founder of Ethereum, Vitalik Buterin. These tokens refer to digital identity to conserve representing the reputation or characteristics of an entity, person, or a ‘soul’. These tokens are designed in a non Transferable manner for the decentralized Web3 and Society.  The Sumitomo Mitsui financial group announced in December to bring forward an initiative that will focus on elevating the practical uses of SoulbondTokens in partnership with digital asset firm, Hashport. 

Both companies plan to research Soulbond Tokens to discover and create practical uses for jobs, communities, knowledge-sharing services, and DAOs. SMBC said that the development could produce specifically useful results for individuals increasingly assuming personalities within society and diverse roles.

According to the company, “it is expected in this new society that each individual will be able to control which personality he/she displays in each community in which he/she participates. SBTs satisfy these new social needs through the use of multiple ‘souls’.” The company further added, “If this user wants to prove his/her skills and work history when changing jobs he/she can simultaneously prove his/her identity and his/her career and information associated with them by allowing his her employer to reference the SBTs.”

The Finance Group also said that its partnership with Hashport can produce practical use in the future as a meaningful initiative to bring diversified growth in the Japanese economy with web3. The company said, “The two parties would also consider undertaking content business associated with NFTs and developing infrastructure for the Web3 economic zone to encourage the spread of the token business both in Japan and overseas.” 

SMBC is a part of the Mitsui group, which is one of the largest corporate groups in the world, and different companies of the group have been actively exploring cryptocurrency and Blockchain tools in past years. Reportedly, Mitsui was planning to issue a cryptocurrency pegged to Gold by the name ZipangCoin. Sumitomo Mitsui Trust Bank launched security tokens backed by assets in a partnership with Securitize in March 2021.

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