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 business cooperation with digital asset company hash port for a program aimed at using SBT in real world applications and the potential of Web3 through the broadcast of soul link tokens (SBT).

According to the press release, SMBC Group and HashPort Group have been negotiating the establishment of a combined company to build a safe and secure Web3 economic zone since they signed a fundamental agreement. in July 2022.

SMBC Group will issue SBT on a trial basis with technical support from HashPort Group until the end of March 2023 as the first phase of demo testing under this basic agreement.

Based on the results of the initial tests, the second phase will include scenario tests where SBTs are used as a behavior/race test. During this phase, tests will be carried out to produce SBT use case studies with the cooperation of the companies.

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

SMBC stated that one of the real world scenarios in which an SBT could be used is when a user simultaneously plays the role of a music enthusiast and a working adult. “This user” can simultaneously confirm his identification and career information associated with them by allowing his employer to reference SBTs.

Companies also plan to study SBT to see how it can be used in communities, workplaces, knowledge sharing services, and decentralized autonomous organizations (DAOs).

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