Nomura, Japan's largest investment bank, is forming a new subsidiary firm to assist institutional clients in investing in bitcoin and non-fungible tokens (NFTs). People familiar with Nomura's plans told the Financial Times on Tuesday that by 2023, the firm will combine numerous crypto services under one company with a staff of roughly 100 people.

https://twitter.com/BMDaily1/status/1526427627380260864

With $569 billion in assets under management as of Q1 2022, Nomura is one of Japan's ten largest banks. The subsidiary firm will be founded abroad, according to Nikkei Asia. Still, the board will initially be made up of Nomura transplants as the company seeks expertise in the Web3 and blockchain space. It will be overseen by Jez Mohideen, Nomura's head of wholesale digital operations.

The bank appears to be under increasing pressure to learn more about blockchain technology and the burgeoning digital asset industry. Nomura's decision to extend its crypto services comes at a crucial time. Last week on Thursday, Bloomberg reported that the bank has begun giving Asian clients Bitcoin (BTC) derivatives trading. On May 16, 6,944 Bitcoin futures contracts were traded on CME Group's platform.

Furthermore, after last week's big sell-offs triggered by the Terra platform's implosion, crypto values fell across the board. Nomura now faces losing the majority of its quarterly profits due to a $345 million writedown on a transaction that occurred during the 2008 economic slump, as reported by the Financial Times on Tuesday. The bank has not stated which transaction was involved. A writedown is when the value of a transaction or asset is reduced.

Japan's Largest Investment Bank Nomura is Set to Establish a New Crypto Subsidiary

Nomura, Japan's largest investment bank, is forming a new subsidiary firm to assist institutional clients in investing in bitcoin and non-fungible tokens (NFTs)

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

Japan's Largest Investment Bank Nomura is Set to Establish a New Crypto Subsidiary

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