Japan’s largest investment bank Nomura to launch crypto arm, FT reports
Quick Take
- Nomura plans to have around 100 people working for the new unit by the end of 2023.
- Last week the bank announced its first bitcoin futures and options trades.
Japanese investment bank Nomura will launch a new company focused on cryptocurrency, decentralized finance (DeFi) and non-fungible tokens (NFTs) for institutional clients, according to the Financial Times.
Nomura plans to have around 100 people working for the subsidiary by the end of next year, the FT reported, citing people with knowledge of the company’s roadmap. Current executives will run the company, although there are plans for extensive outside hiring.
Despite recent turbulence in the crypto market, Nomura last week announced its first bitcoin futures and options trades on the Chicago-based exchange CME, according to the FT. The trades were done via Cumberland, the crypto arm of trading firm DRW.
It joins companies such as Goldman Sachs and JPMorgan, who have also been developing their crypto-asset offerings of late.
Fifteen current Nomura staff will be transferred to the as-yet-unnamed crypto company while Nomura’s current chief digital officer for its wholesale business, Jez Mohideen, will head the new project.
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