Japanese bank Nomura will offer crypto trading to institutional clients in early 2023. The bank is one of Japan’s largest and launched a crypto unit earlier this year.
Japanese bank Nomura is said to start crypto trading for institutional clients in early 2023. The crypto unit of Nomura, which is one of Japan’s largest banks, is working on the crypto trading facility and hopes to grow the team in the coming months. Blockworks reported the news first.
Nomura first announced the crypto trading plan in May 2022, revealing that it would create a new digital asset company called Laser Digital. Focused on a “comprehensive range of trading, investor products and investment services,” the company will offer services linked to crypto, DeFi, stablecoins and NFTs.
Jez Mohideen, CEO of Laser Digital, spoke to Blockworks and said there is anticipation for more institutions to come on board. He told the publication,
“The deep skills we have acquired in the area of quantitative, electronic trading platform building and rigorous risk management skills. So, this is what we hope to bring. I think that these kinds of skills are invaluable for the institutionalization of digital assets. There is no doubt that everyone in the crypto ecosystem is waiting for institutions to come in.”
The crypto trading platform will be available to institutional clients, family offices, high net worth individuals and hedge funds actively involved in the crypto space. However, the intention is to open up the customer base later.
Laser Digital wants to lead crypto trading and institutional investment
Laser Digital was given its name in September, with the office set up in Switzerland. Since then, it has quickly started working on plans for the near future. The three priorities the company has outlined are secondary trading, venture capital and investor products.
As a trading platform for institutional clients, company members have made it clear that now is the time to get in, as it may become too difficult to compete later. This is a step forward for the market and representative of the change that the institutional markets are experiencing.
The Japanese crypto ecosystem is growing
Nomura also has a strong focus on web3, with plans already in place. The bank is building a team to help other companies enter the metaverse. Specifically, it’s thinking of ways to use its investment banking knowledge to help companies raise money and navigate regulations.
Nomura is one of many banks in Japan making a foray into the crypto market. Earlier this year, Sumitomo Mitsui Trust launched a new company for institutional clients in a joint venture with Bitbank.
Meanwhile, the Japanese government is eager to leverage web3 and the metaverse to boost the economy. Prime Minister Fumio Kishida also spoke about the importance of expanding the social integration of these technologies in October.
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