Japanese Financial Group to Issue Soulbound Tokens
TOKYO, JAPAN – Sumitomo Mitsui Banking Corporation (SMBC), a Japanese banking conglomerate, has published plans Thursday to issue soulbound tokens (SBT). The soulbound tokens – an NFT that represents a person’s identity, or ‘soul’ – secure an individual’s personhood in a decentralized ecosystem.
SMBC is exploring different possibilities in web3 and is partnering with a digital asset firm, HashPort, to launch their SBT initiative. The corporation stated in its press release:
“...it has become common practice for individuals to assume diverse roles and personalities within society. 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’.”
SMBC is also looking at ways to grow web3 within the Japanese economy and has been exploring the potential of blockchain technology and cryptocurrency over the last few years.
