Sompo Japan & Ginco enter partnership for Web3 business

Sompo Japan Insurance and Ginco have entered into a partnership to further promote the social implementation of Web3 and Web3 businesses by business companies, and will provide more safe and secure value experiences from August 2024.

Background

With the development of Web3 and blockchain technology, the Web3 market is growing rapidly worldwide. However, in promoting Web3 business, domestic companies currently face many challenges in terms of concrete business plans, including monetization of business, and new system development, such as linking blockchain with existing systems. Socially, legal regulations and infrastructure related to Web3 are not yet fully established, and new cyber risk countermeasures are insufficient. Therefore, it is expected that the need for business transformation and risk countermeasures will increase in companies in the future as the distribution of digital currencies and digital assets related to Web3 develops in Japan.

Future direction

Through verification and co-creation with major domestic financial institutions, Sompo Japan is considering the development of new Web3 insurance products and insurance product-related services together with domestic and overseas business partners and group companies against risks related to Web3 products and financial services such as digital currencies such as stablecoins, digital wallets, and digital assets through verification and co-creation with major domestic financial institutions.

Ginco is a Web3 Development Company that supports Web3 businesses in various industries and sectors, and is co-creating Web3 businesses with many business partners. Ginco also provides infrastructure for faster, safer, and more cost-effective blockchain utilization for businesses as part of its services.

In the future, by leveraging the strengths of both companies, Ginco will strengthen business partnerships with various companies in other industries and fields, including many domestic and international business partners that already have partnerships, and contribute to the social implementation of Web3, as well as the realization and development of new Web3 businesses and next-generation token economic zones envisioned by domestic companies.

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