Japanese Wealth Manager Nomura Will Explore Cryptocurrencies and NFTs with New Unit

The company said in a statement that it was establishing a new digital company, which would start operations in April, as part of the restructuring.

In a move that may suggest growing institutional interest in cryptocurrencies and NFTs, Nomura Holdings announced that it is establishing a new digital asset team to pursue potential opportunities in the asset class.

The wealth management firm said it was restructuring its Future Innovation Company into an all-new digital company, starting operations in April. The main objective of the new company will be to increase the use of digital assets by customers and provide related services. Nomura Group President and CEO Kentaro Okuda said:

“The new Digital Company will lead to deeper collaboration between internal and external stakeholders, accelerate our adoption of digital technologies and improve our customer services.”

The wealth manager, which has about $641 billion in assets under management, said it aims to increase digital adoption across its operations. The new division will explore opportunities in cryptocurrencies and NFTs, among other digital assets.

NFTs are becoming increasingly popular in Japan despite having some of the strictest encryption rules. Japanese financial services conglomerate Nomura Holdings is the latest major player to investigate NFTs in the country. Last week, the major Japanese e-commerce company Rakuten announced the launch of its own NFT trading platform called Rakuten NFT.

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Last month, Japan’s largest financial conglomerate, Mitsubishi UFJ Financial Group (MUFG) announced that it would end its three-year blockchain payment project to focus on stablecoins.