Japan’s Second-Largest Bank To Use Soulbound Tokens for Identity Verification

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Japan’s second-largest bank Sumitomo Bank has announced that it will use soulbound tokens to verify identities. The Sumitomo Mitsui Financial Group (FG) is collaborating with Hashport for the purpose, which is the result of a discussion that started in July 2022. The two parties announced a business agreement on Dec. 8.

The bank has a few use cases lined up for the token, though initially, it will be used purely for identity verification. It expects to cooperate with other companies to help them engage with their users through the token.

(By Rahul Nambiampurath)

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