Sony Bank has announced plans to build an NFT-based mobile app as well as a blockchain-based green finance security token.
The CONNECT app, which will be available for Android this summer, will enable customers to receive digital asset rewards in the form of non-fungible tokens (NFTs) backed by Sony’s private blockchain.
However, Sony Bank’s Web3 goals extend beyond NFTs. In the following months, the bank will launch a $1 million green security token offering in US dollars aimed at Japanese investors.
Tokens will be issued on the Securitize blockchain platform for a minimum investment of $1,000. Sumitomo Mitsui Trust Bank will manage the proceeds, which will be used to fund climate change and biodiversity projects.
To encourage engagement, Sony Bank will award token investors with special NFTs after completing a survey through the CONNECT app. This seamless combination of traditional finance with Web3 technology exemplifies Sony’s commitment to digitization across its extensive ecosystem.
Securitize, Sumitomo Mitsui Trust Bank, and Sony Bank previously collaborated on a digital securities offering focusing on Japanese real estate, and the security token issuance expands on that.
As Web3 pervades industries, Sony Bank’s use of NFTs and tokenization represents a broader shift in the financial sector’s approach to developing technologies.