One of Japan’s leading banks announced in a statement that it plans a subsidiary in the cryptocurrency space outside the country’s borders and will recruit approximately 100 staff to work in the digital asset space.
Cryptocurrency Company is on its way!
Nomura, Japan’s largest investment bank, is reportedly preparing to set up a new subsidiary to help institutional clients invest in cryptocurrencies and immutable tokens (NFT).
However, the Financial Times reported on Tuesday that Nomura said it will bring together several cryptocurrency services under a single company by 2023, with a staff of around 100 people.
In addition, it is stated that Nomura is one of the ten largest banks in Japan, with $569 billion in assets under management as of the first quarter of 2022.
Under Web3 and Blockchain
On the other hand, Nikkei Asia, a Japanese news organization, reported that the subsidiary company to be established will be located abroad, but the company’s board of directors will consist of Nomura officials and the company will operate in the Web3 and blockchain field. However, in the early stages, it has been suggested that the company will be led by Jez Mohideen, Nomura’s head of wholesale digital operations.
In addition, the bank stated that taking a closer interest in the developing blockchain technology and digital asset ecosystem will give Nomura an advantage over its competitors.
A Nomura executive made these statements in an interview with the Financial Times:
“If we do not establish this company, it will be much more difficult to compete with competitors”
However, it is said that Nomura’s move to expand its crypto services has already started to be very advantageous for the company. Last week, Bloomberg reported that the bank has started offering cryptocurrencies to its Asian customers. It was also stated that the investments were made on the CME Group platform, which processes the Bitcoin (BTC) futures contract.