Japan’s banking giant Nomura set to launch crypto division

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  • Japan’s largest investment bank Nomura to launch crypto arm, Financial Times reports
  • Nomura wants to hire roughly 100 individuals for the subsidiary by the end of next year, citing people familiar with the company’s intentions

Financial Times, in their latest announcement, said that Japanese investment bank Nomura will start a new firm focusing on cryptocurrencies, decentralized financing (Defi), and non-fungible tokens (NFTs) for corporate investors. Additionally, this move will give institutional access to digital assets.

According to the Financial Times, Nomura wants to hire roughly 100 individuals for the subsidiary by the end of next year, citing people familiar with the company’s intentions. The company will be governed by current management, however, there are plans for considerable outside hires.

Nomura’s plan has been under discussion for the last four years and its recent announcement has sparked a set of mixed reactions to the value of some of the top cryptocurrencies in the market. In the meantime, investors are concerned about the prevailing market volatility. According to experienced cryptocurrency market individuals, the company’s master plan is to combine a number of digital assets under a single wholly-owned subsidiary.

Nomura cryptocurrency arm

Even with continued market volatility, Nomura revealed its first bitcoin futures and options trades on the Chicago-based exchange CME last week, per the Financial Times. The trades were made through Cumberland, DRW’s cryptocurrency division. This move follows in the footsteps of Goldman Sachs and JPMorgan, who have recently expanded their crypto-asset operations.

 According to Financial Times, Fifteen current Nomura employees will be relocated to the unidentified cryptocurrency firm, which will be led by Jez Mohideen, Nomura’s current chief digital officer for its wholesale business. This shows the unending commitment to the current project from the company. The new company will greatly put Japanese brokerage on the ‘cryptocurrency map’ and make it compete with other top banks globally offering institutional clients services as well as bitcoin-related services.

Nomura was one of the first banks to explore custody of crypto assets, joining the Komainu custody joint venture alongside fund manager CoinShares and custody specialist Ledger, in June 2020. The Nomura Research Institute, an economic consulting arm of the bank, launched a crypto-asset index tracking the Japanese cryptocurrency market in 2020.

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