A new report has revealed that Japan’s largest investment bank is getting into the digital asset industry and will target institutional investors. Nomura will launch a new subsidiary focused on digital assets and non-fungible tokens (NFTs), sources say.
The Financial Times report revealed that the new subsidiary would initially have 100 employees. Some of them will come from Nomura’s existing banking operations, with the bank carrying out an extensive recruitment drive to fill the remaining positions.
According to sources familiar with the matter, the new subsidiary should be operational at the end of 2023.
Nomura is one of Japan’s largest banks specializing in investment banking. In the first quarter of this year, it had $569 billion in assets under management. But despite its immense success with its existing business model, the bank believes it could lose an edge over rivals if it fails to get into digital assets quickly.
“If we don’t, it will be harder to compete,” one executive said. Told FT.
Nikkei Asia offered further information on the future subsidiary, including that it could start operations this year, although it will not be fully operational until the end of 2023. This unit will be based outside of Japan and the members of its board of directors will include several people. currently works at Nomura, the newspaper claims.
“This is a major step forward as we seek to grow our digital asset business and investments,” said Steve Ashley, head of wholesale division at Nomura, commenting on the latest development.
“The new company will allow us to create an advantage by providing institutional clients with access to a wide range of new products and services and to contribute significantly to responsible innovation in the ecosystem of digital assets”, Ashley, who has been chosen to chair the new operation. , added.
The news came just over a month after the Japanese government announced it would revise its digital asset exchange laws to close the Russian sanctions evasion loophole.
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