Sumitomo Mitsui to launch soulbound tokens jointly with HashPort Group

Sumitomo Mitsui Financial Group will form a business alliance with HashPort Group, a blockchain-related company, and will launch a trial on using soulbound tokens (SBTs) – non-transferrable NFTs that can be used for identity and employment history verification.

The first batch of SBTs will be launched on a trial basis due to begin by the end of March 2023, Sumitomo Mitsui said on November 8.

Since July, Sumitomo Mitsui and HashPort Group have been collaborating and planning new businesses with a focus on the application of SBTs.

Based on the results of the trial, HashPort Group will conduct further tests on the use of SBTs as a proof of career history. It will also collaborate with external companies that are planning to use the tokens to organize fan communities and marketing activities. In addition, the company will seek to promote the development of content businesses associated with NFTs and Web3 infrastructure.

SBT is an NFT that records the background and activity history of individuals who hold a wallet. Holders can record their work history and skills, and present it to prospective employers to provide related information. Music fans can use it to share their activity history and prove their loyalty within the artist’s fan community while maintaining their anonymity.

This is the first time a Japanese bank has issued SBTs for a commercial purpose. Sumitomo Mitsui also plans to launch a digital stock exchange in 2023 jointly with SBI Holdings and others.