Japan’s Sumitomo Mitsui Financial Group Plans to Issue Soulbound Tokens

Japan's Sumitomo Mitsui Financial Group (SMBC) plans to explore the Web3 world by issuing Soulbound Tokens (SBT).

SBT refers to a digital identity token, proposed by Vitalik Buterin that represents the identity or reputation of an entity. This token is non-transferable and is designed for decentralized societies and Web3.

SMBC officially announced on December 8 that it is partnering with digital asset company HashPort to study the practical use of SBT.