Cointime

Download App
iOS & Android

SMBC Partners With HashPort on Soulbound Tokens

Validated Individual Expert

Sumitomo Mitsui Financial Group (SMFG) and its consolidated subsidiary Sumitomo Mitsui Banking Corporation (SMBC) have entered into a basic agreement on a business partnership with HashPort and its consolidated subsidiaries HashPalette and HashBank.

Overview of Basic Agreement

  • SMBC Group and HashPort Group have been discussing the launch of a joint business for developing a safe and secure Web3 economic zone since signing a basic agreement in July 2022.
  • Based on the outcomes of the aforementioned discussions, the parties concluded this basic agreement to commence specific deliberations toward launching a new joint business centered on practical use of Soulbound Tokens (SBTs).
  • As the first phase of demonstration testing under this basic agreement, SMBC Group will issue SBTs on a trial basis with technical support from HashPort Group through the end of March 2023.
  • As the second phase based on the results of the above testing, demonstration testing will be conducted envisioning scenarios in which SBTs are used as proof of behavior/career. Consideration will also be given in this phase to carrying out testing to produce case studies of SBT utilization with the cooperation of companies considering forming and marketing fan communities using tokens.
  • In addition, the two parties will 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.

Background

  • SBTs are non-transferable NFTs that are issued as tokens indicating the personal history and activities of the individual holding the SBT wallet. The wallets in which the various SBTs are stored are called “souls” because they represent the identity of the owners of the wallets.
  • With more and more people taking on side jobs, personal technology and knowledge sharing services gaining traction, decentralized autonomous organizations (DAOs)emerging, and other changes taking place in society, 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”.
  • Partnering with HashPort Group to conduct research on SBTs that can be put to practical use in future is a meaningful initiative by the SMBC Group to help the Web3 economy catch on more widely in Japan.

Example of SBT Usage

  • Suppose, for example, that there is a user who has a soul as a working adult and a soul as a music fan at the same time. 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 information associated with them by allowing his/her employer to reference the SBTs held in his/her working soul as well as his/her personal information such as name and address stored outside the blockchain.
  • On the other hand, if a user wants to share his/her fan activity history within an artist’s fan community to prove his/her loyalty as a fan, he/she can allow the community to reference only those SBTs held within the user’s soul as a music fan to show how many live shows he/she has attended, how many times he/she has played the artist’s music, etc., while remaining anonymous.

Source: SMBC press release

Comments

All Comments

Recommended for you

  • BTC Surpasses $82,000

    Market data shows that BTC has surpassed $82,000, currently priced at $82,038.65, with a 24-hour increase of 0.31%. The market is experiencing significant volatility, so please ensure proper risk management.

  • ETH Surpasses $2400

    Market data shows that ETH has surpassed $2400, currently priced at $2400.26, with a 24-hour decline of 1.33%. The market is experiencing significant volatility, so please ensure proper risk management.

  • BTC Surpasses $81,000

    Market data shows that BTC has surpassed $81,000, currently priced at $81,016.34, with a 24-hour decline of 1.53%. The market is experiencing significant volatility, so please ensure proper risk management.

  • BTC Falls Below $80,000

    Market data shows that BTC has fallen below $80,000, currently priced at $79,940.09, with a 24-hour decline of 3.44%. The market is experiencing significant volatility, so please ensure proper risk management.

  • Philadelphia Semiconductor Index Set to Lose Over $2 Trillion in Market Value in Seven Trading Days

    The Philadelphia Semiconductor Index is poised to evaporate over $2 trillion in market value within seven trading days.

  • Philadelphia Semiconductor Index Drops 4% to Lowest Level in Nearly a Month

    The Philadelphia Semiconductor Index fell by 4.01% during the day, currently reported at 11,215.37 points. Nvidia dropped by 3.25%, Broadcom fell by 2.87%, Micron decreased by 5.79%, Intel declined by 5.81%, AMD dropped by 6.28%, Qualcomm rose by 0.66%, TSMC fell by 4.37%, and ASML decreased by 3.34%.

  • Philadelphia Semiconductor Index Falls 4% to Lowest Level in Nearly a Month

    The Philadelphia Semiconductor Index dropped 4.01% during the day, currently reported at 11,215.37 points. Nvidia fell by 3.25%, Broadcom by 2.87%, Micron by 5.79%, Intel by 5.81%, AMD by 6.28%, Qualcomm rose by 0.66%, TSMC fell by 4.37%, and ASML dropped by 3.34%.

  • Ripple Prime Launches Perpetual Contract Trading Services for Institutional Clients

    According to Bloomberg, Ripple's main brokerage division, Ripple Prime, is launching perpetual contracts for real-world assets (RWA) aimed at institutional clients, covering over 100 reference markets including stocks, indices, ETFs, and commodities. This product is offered through Trade.xyz on Hyperliquid, continuing Ripple Prime's previous initiative to provide clients with access to cryptocurrency perpetual contract trading.

  • NYC Comptroller Urges Anthropic to Pause IPO Plans

    On October 15, New York City Comptroller Mark Levine stated in an interview that he has written to Anthropic CEO Dario Amodei, urging the company to suspend its planned initial public offering (IPO). In the letter, he called for Anthropic to pause its IPO plans until it can fully and transparently address concerns related to AI safety, governance, and development that the company itself has raised. Levine wrote that the company should focus on mitigating these risks rather than advancing the IPO. Currently, New York City has an investment exposure of less than $10 million in Anthropic through the private market.

  • US September PPI Rises 6.3% Year-on-Year, Exceeding Market Expectations

    The US Producer Price Index (PPI) for September recorded a year-on-year increase of 6.3%, the highest since May 2026, surpassing market expectations of 5.3%. The month-on-month PPI for September was reported at 1.3%, significantly higher than the market forecast of 0.5%. Additionally, US retail sales for September showed a month-on-month increase of 0.8%, also exceeding market expectations.