Nomura Holdings plans to break a profit at its crypto unit within two years as the spectacular failure of Sam Bankman-Fried¡¯s FTX exchange spurs demand for safer counterparties in the digital-asset sector.
The unit, Laser Digital, will leverage the backing of the Tokyo-based investment bank to win over institutional investors and plans to add 50 employees by March, its Chief Executive Officer Jez Mohideen said. It¡¯s now easier to hire talent and acquire assets at a lower valuation, he said, adding that the firm has tightened risk management.
¡°The latest events in the crypto market will provide an opportunity for us as it will drive institutional investors to digital-asset firms backed by traditional finance houses,¡± Mohideen said in an interview. ¡°We¡¯ve run all the stress tests and assuming worse-case scenarios in terms of market volume, price volatility, we believe we can turn profitable within two years.¡±
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