Nomura Holdings, one of Japan’s leading wealth managers, has announced the formation of a new team to investigate digital assets such as cryptocurrencies and NFTs, noting the sector’s expanding potential.
In a news release, the firm announced that it would be transforming its Future Innovation Company into a newly formed Digital Company beginning next month. The new firm’s major purpose will be to encourage digital asset usage while also providing clients with related services.
Digital assets such as cryptocurrencies, security tokens, and non-fungible tokens are gaining presence as a new asset class. The fusion of innovations stemming from distributed ledger technology with traditional finance is giving rise to a new range of services.
Nomura, which manages over 74 trillion yen ($641 billion) in assets, also said that it would increase digital adoption across all of its businesses.
The adoption of cryptocurrency is increasing.
As more corporations enter the highly profitable crypto field, Nomura’s announcement comes on the heels of e-commerce giant Rakuten’s recent establishment of an NFT platform. According to Bloomberg, Japan’s crypto business is valued at around $1 trillion.
MUFG, Japan’s largest bank, has also launched a stablecoin platform in February. However, Japan has some of the most stringent crypto legislation in the world. While the country recognizes digital assets, obtaining a license for an exchange is extremely difficult. Nonetheless, since 2021, the use of crypto by prominent corporations has been on the rise. Tesla accepts dogecoin at its supercharger stations, as well as allowing the token to be used to purchase items. eBay, a popular online marketplace in the United States, recently announced that it may begin accepting cryptocurrency payments as early as next week. NFTs can currently trade on the company’s platform.
On a national level, the Russian invasion of Ukraine prompted Kyiv to use cryptocurrency to receive donations for the first time, making it the first country to do so. As the state bank of Ukraine halted electronic cash transactions, Ukrainians rushed into the stablecoin Tether. On March 3, Ukraine announced an airdrop for cryptocurrency donors.