Japanese investment bank Nomura will launch a new company focused on cryptocurrency, decentralized finance (DeFi) and non-fungible tokens (NFTs) for institutional clients, according to the Financial Times.
Nomura plans to have around 100 people working for the subsidiary by the end of next year, the FT reported, citing people with knowledge of the company’s roadmap. Current executives will run the company, although there are plans for extensive outside hiring.
Despite recent turbulence in the crypto market, Nomura last week announced its first bitcoin futures and options trades on the Chicago-based exchange CME, according to the FT. The trades were done via Cumberland, the crypto arm of trading firm DRW.
Fifteen current Nomura staff will be transferred to the as-yet-unnamed crypto company while Nomura’s current chief digital officer for its wholesale business, Jez Mohideen, will head the new project.
