Sony Bank, the financial subsidiary of Sony Group (NASDAQ: SONY), has hinted at a full-scale pivot to Web3 following the unveiling of its short-term plans for its growing customer base.
The bank is gearing up to launch a mobile app for non-fungible tokens (NFTs) and digital assets rewards for customers. The CONNECT app will first be commercially available for Android users and will rely on Sony’s private blockchain.
Outside of the NFT-based mobile app, Sony Bank says it will roll out a green finance security token in the coming months. The security token, targeting specifically Japanese residents, will be U.S. dollar-denominated, and funds raised will be administered via trust by Tokyo-based Sumitomo Mitsui Trust Bank (SUMI).
The tokens are expected to be issued on Securitize, a private blockchain platform, accentuating Sony’s keen drive toward embracing digitization.
The total value of Sony Bank’s token issuance is pegged at $1 million, but there are whispers of a larger issuance that are hinging on the trust’s success. Investors seeking to participate in the issuance are required to sink in a minimum of $1,000 investment, with Sony Bank eyeing participation from both retail and institutional investors.
Funds realized from the token issuance will be wholly controlled by the trust and will seek investment opportunities in green projects. The trust will invest in projects bordering
climate change and biodiversity, but whether the funds will be channeled exclusively toward blockchain-based projects remains to be seen.
To trigger greater levels of participation, Sony Bank says it will incentivize investors with NFTs via the CONNECT mobile app set for commercial release in the summer. Investors simply have to complete a survey relating to Sony’s incoming CONNECT app and the token issuance.
Securitize, SUMI Trust, and Sony Bank have previously collaborated in a digital securities issuance revolving around real estate in Japan.
Blockchain integration spreads wide
Sony Bank is not the only subsidiary exploring blockchain use cases in the Sony Group, with several entities racking up success in their experiments with the technology.
Sony’s gaming arm has filed several patents revolving around NFTs and the metaverse for its future gaming titles. In mid-2023, Sony Network Communications splurged $3.5 million to work on a foundation to promote Web3 adoption amid long-running partnerships with Astar Network and Startale Labs.
“With this capital partnership, we are merging Startale Labs’ knowledge and technical capabilities in Web3 with the experience and business fields cultivated by Sony Network Communications to create the infrastructure necessary to facilitate global Web3 adoption,” Sony Network Communications Director Jun Watanabe said at the time.
Watch: Why does ESG require blockchain tech? To get authentic data
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.
