In a move that may suggest growing institutional interest in cryptocurrencies and nonfungible tokens (NFTs), Nomura Holdings has announced it is establishing a new digital assets team to look into possible opportunities in the asset class.
The company, which deals in retail, wholesale and investment businesses, has said that it was restructuring its Future Innovation Company into a brand new Digital Company, which will begin operations in April. The main objective of the new company will be to increase clients' use of digital assets and provide related services. Nomura Group president and CEO Kentaro Okuda said:
“The new Digital Company will lead deeper collaboration among internal and external stakeholders, accelerate our uptake of digital technologies, and enhance our client services.”
The corporate giant, which has about 70 trillion yen ($593 billion) in assets under management, stated that it aims to increase digital adoption across all of its operations. The new division will reportedly explore opportunities in cryptocurrencies and NFTs, among other digital assets.
Source: stevepb, Pixabay
NFTs are becoming increasingly popular in Japan, despite having some of the most stringent crypto rules. The Japanese financial services conglomerate Nomura Holdings is the latest major player in the country to look at NFTs. Last week, major Japanese e-commerce firm Rakuten announced the launch of its own NFT trading platform, dubbed Rakuten NFT.
Last month, Japan's largest financial conglomerate, Mitsubishi UFJ Financial Group (MUFG), announced it would terminate its three-year-old blockchain payment project to focus on stablecoins.