Japan’s largest broker Nomura will establish an institutional-investor-focused digital assets company, FT reports.
According to the publication, the staff of the new unit could reach 100 by the end of 2023. It will focus on cryptocurrencies, DeFi and NFTs.
The project will be led by Jez Mohidin, the director of digital assets, FT reports. Initially, he will head a team of 15 specialists.
According to the publication, such plans at Nomura have been considered for the past four years. Digital assets are viewed by the firm as a means of diversification for equity and bond holdings within investment portfolios.
“If we do not do this, it will be harder for us to remain competitive in the future. Any asset class currently based on discounted cash flow is under enormous stress due to inflation. … many managers will consider allocating funds to blockchain technology.”, said an investment bank representative in an interview.
In May, Nomura expanded its product line for institutional investors to bitcoin derivatives.
Earlier, Goldman Sachs, Citibank, Morgan Stanley and JPMorgan.
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