Nomura explores the metaverse in digital push to lift profit – AFR

Separately, the firm will later this year launch a subsidiary within the Digital Company to help institutional clients access products and services related to cryptocurrencies, stablecoins and non-fungible tokens. It also recently started offering Bitcoin derivatives to clients in Asia after institutional demand for cryptocurrency products “significantly” increased in the past two years.
Nomura joins rival Wall Street giants in exploring opportunities in the virtual reality market that could reach $US600 billion ($860 billion) by the end of the decade, according to Bloomberg Intelligence.
HSBC Holdings Plc in March said it would buy a site in The Sandbox metaverse to engage with sporting and gaming enthusiasts. JPMorgan Chase & Co. has a lounge in Decentraland where users are greeted by a digital portrait of CEO Jamie Dimon, the same world where Fidelity Investments launched a tutorial place for retail investors.
Financial firms are pushing ahead with digital plans despite a recent meltdown in cryptocurrencies after the collapse of the terraUSD stablecoin triggered a flight from many popular tokens. Such assets are also under pressure after the Federal Reserve and other central banks raised interest rates to fight inflation, creating an unfavorable environment for riskier investments.

“We are certain that there will be business opportunities” in the metaverse, Numata said. “The market for digital finance is growing quite strongly.”
Nomura in October agreed to a third party allocation of shares from Crypto Garage Inc., which offers blockchain related settlement services in Japan and overseas.
©2022 Bloomberg L.P.


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