Nomura to launch new crypto to sub-unit as competition rises – report


Nomura to launch new crypto to sub-unit as competition rises

Despite the various obstacles the sector has encountered this year, the global acceptance of cryptocurrencies remains high. Nomura is apparently forming a new crypto business to give more institutional access to its consumers, just days after introducing Bitcoin derivatives.

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Nomura will develop a new sub-unit to help its institutional customers obtain more exposure to bitcoin, DeFi projects, and NFTs, according to a Financial Times story. According to the Financial Times, the new company plans to hire roughly 100 people by the end of 2023.

The move is part of a bigger effort by Nomura to obtain more exposure in the cryptocurrency industry as financial firms battle to entice investors from across the world. Nomura began trading over-the-counter crypto derivates, as well as Bitcoin non-deliverable futures and options, to its clients just two days ago.

"If we don't do this now, it will be more difficult to remain competitive later," a Nomura official told the Financial Times on Monday morning. Despite the dangers associated with digital assets, he also stated that the opportunity cost of not offering investing facilities to institutional clients was substantial.

Do institutions take Bitcoin's volatility into account?

Between May 9 and 15, 2022, Bitcoin had its second-worst week, with its price falling to yearlong lows. On Monday morning, as sellers halted a comeback over $31,500, Bitcoin's price went back into the negative following a weekend reprieve.

Some of Nomura's rivals, on the other hand, seemed unaffected by the pandemonium and seemed to understand the difference between price volatility and institutional acceptance.

On Monday, Goldman Sachs and Barclays joined a $70 million investment round in Elwood Technologies, the crypto trading platform founded by British hedge fund billionaire Alan Howard. Mike Novogratz's crypto business, Galaxy Digital, also contributed to the seeding. Elwood CEO James Stickland said after the transaction,

"We're getting money from financial institutions that aren't expecting huge returns in 15 minutes." They're putting money into infrastructure... "I believe it's a reassuring message."

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