The establishment of a new digital assets team by Nomura Holdings to study possible prospects in the asset class could imply greater institutional interest in cryptocurrencies and NFTs.
The financial management firm said that it will restructure its Future Innovation Company into a new Digital Company in April. The new company’s major goal will be to promote clients’ use of digital assets while also providing associated services. Kentaro Okuda, President and CEO of Nomura Group, said:
“The new Digital Company will stimulate more collaboration among internal and external stakeholders. As well as accelerate our use of digital technologies, and improve our client services.”
The $641 billion in assets under the management wealth manager stated that it intends to increase digital usage across the board. The new division would reportedly look at cryptocurrencies and NFTs, among other digital assets.
NFTs are becoming more popular in Japan, despite having some of the harshest crypto legislation in the world. The Japanese financial services titan Nomura Holdings is the most recent major player in the country to consider NFTs. Rakuten, a well-known Japanese e-commerce company, debuted Rakuten NFT, its own NFT trading platform, this week.
Last month, Japan’s largest financial conglomerate, Mitsubishi UFJ Financial Group (MUFG), said that it would stop its three-year-old blockchain payment experiment in order to focus on stablecoins.