Nomura, Japan’s largest broker, will set up a digital assets company focused on institutional investors. Reported by the Financial Times (FT).

According to the publication, by the end of 2023, the staff of the new structural unit can be 100 employees. It will focus on cryptocurrencies, DeFi and NFT.

According to the FT, the new project will be led by Chief Digital Asset Officer Jez Mohideen. Initially, he will lead a team of 15 experts.

Such plans have been under consideration at Nomura for the past four years, according to the publication. In the company, digital assets are perceived as a diversification tool for stocks and bonds in their investment portfolios.

“If we don’t, it will be harder for us to stay competitive in the future. Any asset class currently on a discounted cash flow basis is under tremendous pressure from inflation. […] many executives will consider allocating funds for blockchain technology”– one of the representatives of the investment bank said in an interview.

Recall that in May Nomura expanded its product line for institutional investors to include bitcoin derivatives.

Earlier, Goldman Sachs, Citibank, Morgan Stanley and JPMorgan announced their entry into the digital asset market.