Japan’s Largest Investment Bank Sets Up Cryptocurrency Subsidiary

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2022-05-18 20:28:33

Japan’s largest investment bank Nomura will launch a new company to help institutional clients diversify their portfolios into cryptocurrencies, including in the DeFi and NFT sectors.

Japan’s Largest Investment Bank Sets Up Cryptocurrency Subsidiary

According to people familiar with the company’s plans, Nomura also has an ambition to own a chain of cryptocurrency-intensive subsidiaries under the control of the newly formed organization with a size of up to about 100 employees by the end of 2024.

The new company will be run by current Nomura executives but at the same time hire more widely from outside. This allows the institution to increase its competitiveness with many other major global banks that have been providing services and products to institutional clients related to Bitcoin such as Goldman Sachs, JPMorgan, Morgan Stanley or BNY Mellon.

Despite the risks associated with crypto, many Nomura leaders assert that interest from institutional customers is huge and will continue to grow as the cryptocurrency market in general, the NFT, and the financial classes continue to grow. Other assets become more attractive than traditional investments. One of the bank CEOs said:

“If we don’t do this early on, the opportunity cost of not providing investment will become more difficult in the future because the facilities for institutional clients are too high.”

Initially, Nomura planned to move about 15 employees to the new unit, which has yet to be named but will be led by Jez Mohideen, Nomura’s current chief digital officer, in charge of the sales business.

The move comes just days after Nomura caught the attention of the community by successfully offering OTC Bitcoin options futures contracts to institutional customers on the CME derivatives exchange.

But through a series of crypto-receiving events from major companies in Japan recently, it can be seen that the country of cherry blossoms is gradually becoming one of the most active countries in the money industry. encryption in every way.

Most notably, NFT, the leading domestic companies have officially penetrated into this field, including the “big” e-commerce Rakuten and the messaging application LINE. On the other hand, the nation’s largest bank, Mitsubishi UFJ Financial Group (MUFG) has also started developing stablecoins alongside the newly established Japanese metaverse association.

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