Japanese Broker Nomura To Launch Bitcoin, Crypto Subsidiary: Report

This article is from bitcoinmagazine.com and the original article can be read here

Japanese brokerage Nomura will reportedly launch a subsidiary to offer bitcoin and other cryptocurrency services to institutional clients.
The wholly-owned unit will have a staff of 100 by 2023, a report said.
Nomura executed some of its first trades with bitcoin derivatives last week.

Nomura Holdings Inc., Japan’s largest investment banking group, is launching a new subsidiary focused on institutional client services for bitcoin and other cryptocurrencies, according to a report from the Financial Times.

Sources close to Nomura explained to FT that the staff of the wholly-owned subsidiary will reach 100 people by the end of 2023 and compile multiple cryptocurrency services under one roof. The staff will reportedly be largely recruited from outside, however Nomura executives will still oversee the company.

One of Nomura’s executives reportedly stated, “If we don’t do this, then it’s going to be more difficult down the line to be competitive.”

The executive continued to explain that while there is risk involved in offering cryptocurrency-based services, the opportunity cost of failing to offer these services is simply too high.

“Any asset class at the moment that has discounted cash flow is all under huge stress in an inflationary environment. But I think…many managers will be looking and thinking about potentially allocating towards blockchain technology and blockchain opportunities,” the executive added.

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