May 17, 2022
By Sharan Kaur Phillora
Japan’s largest investment bank Nomura has announced the launch of a new extension focused on cryptocurrencies, decentralized finance (DeFi), and non-fungible tokens (NFTs).
Here’s what we know:
Nomura plans to have around 100 people working for the subsidiary by the end of next year, the Financial Times reported, citing people with knowledge of the company’s roadmap. Current executives will run the company, although there are plans for extensive outside hiring.
The new unit, set to launch this year, will be based outside Japan with an eye toward attracting talent in cutting-edge technologies. Its board will include several members sent from Nomura.
Just last week, the Japanese investment bank began trading cryptocurrency derivative contracts. This strategic move placed the bank on track with competitors such as Goldman Sachs and JPMorgan, giving clients a way to access the cryptocurrency market.
Nomura’s current Chief Digital Officer for its wholesale business, Jez Mohideen, will head the new project. That said, for now, it is reported that fifteen current staff members will be transferred to Nomura’s yet-unnamed crypto company.
In 2019, Nomura launched its Future Innovation Company to plan and develop digital services and explore new services. The unit, which was closer to a laboratory, was reorganized this April into the Digital Company. The latest move is part of the group’s efforts to make this business profitable by adding staff and entities under the Digital Company’s umbrella.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.