Sony Bank, the financial arm of Sony Group (NASDAQ: SONY), has hinted at a full transition to Web3 after revealing near-term plans to expand its customer base.
The bank is preparing to launch a mobile app to reward non-fungible tokens (NFTs) and digital assets for customers. The CONNECT app will initially be commercially available to Android users and will use Sony’s private blockchain.
In addition to NFT-based mobile apps, Sony Bank said it will launch a green financial security token in the coming months. The security tokens, which are specifically intended for Japanese residents, will be denominated in US dollars, and the funds raised will be managed through a trust of Tokyo-based Sumitomo Mitsui Trust Bank (SUMI).
The token is expected to be issued on Securitize, a private blockchain platform, and will highlight Sony’s passionate commitment to embracing digitalization.
The total amount of Sony Bank’s token issuance is fixed at $1 million, but there are whispers that a larger issuance will follow depending on the success of the trust. Investors wishing to participate in the issuance must raise a minimum investment of $1,000, and Sony Bank is eyeing participation from both retail and institutional investors.
The funds realized through token issuance will be entirely controlled by the trust and will seek investment opportunities in green projects. The trust will invest in cross-border projects.
Climate change and biodiversity are being considered, but it is not yet known whether the funds will be used exclusively for blockchain-based projects.
To drive more participation, Sony Bank said it will incentivize investors with NFTs through its CONNECT mobile app, which is scheduled for commercial launch in the summer. Investors simply need to complete a survey related to Sony’s new CONNECT app and token issuance.
Securitize, SUMI Trust and Sony Bank previously collaborated on the issuance of digital securities focused on Japanese real estate.
Blockchain integration becomes widespread
Sony Bank is not the only subsidiary of the Sony Group exploring blockchain use cases, with several companies having found success experimenting with the technology.
Sony’s gaming division has filed several patents related to NFTs and the metaverse for future gaming titles. In mid-2023, Sony Network Communications spent $3.5 million to lay the foundation to drive Web3 adoption through a long-term partnership with Astar Network and Startale Labs.
“Through this capital partnership, we are combining Startale Labs’ knowledge and technical capabilities in Web3 with the experience and business disciplines cultivated by Sony Network Communications to build the infrastructure needed to drive global Web3 adoption,” Sony Network Communications Director Jun Watanabe said. hour.
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