Japanese banking firm Nomura has announced plans to launch a cryptocurrency subsidiary.
The bank aims to target its institutional clients and help them with DeFi, NFTs and crypto investments.
“Any asset class at the moment that has discounted cash flow is all under huge stress in an inflationary environment. But I think…many managers will be looking and thinking about potentially allocating towards blockchain technology and blockchain opportunities”, said an executive about the company’s decision to delve into the crypto industry.
The bank will offer several crypto services under a single company which will be overseen by Nomura executives, however the staff will largely be recruited from outside.
The crypto-subsidiary will be led by Jez Mohideen, who is currently the head of the wholesale digital operations of Nomura. Nomura will also initially transfer 15 employees to this subsidiary and employ a total of 100 people to this subsidiary by 2023.
Only a few days ago, Nomura launched OTC crypto derivatives with bitcoin non-deliverable forwards and non-deliverable options. The dive in the crypto industry puts Nomura at par with the likes of Wall Street banking giants Goldman Sachs and JP Morgan.
