Nomura has started offering over-the-counter bitcoin derivatives to its clients, it said on Friday, the latest move from a traditional financial institution in the cryptocurrency industry, even as markets are boiling.
The trades, executed on the CME by crypto asset trading firm Cumberland DRW this week, were the Japanese investment bank’s first digital asset trades, said Nomura’s head of markets, Asia ex-Japan. , Rig Karkhanis in a statement.
“Working with institutional-grade counterparties will allow us to adapt to growing demand from our clients,” he said.
Many global investment banks have sought to offer their clients more crypto-related services, they say responding to demand from institutional investors and private clients to access what was a rapidly growing industry.
However, crypto markets fell this week due to the collapse of TerraUSD, one of the world’s largest stablecoins, which sent digital tokens, already swept away by a selloff of riskier assets, into the collapse.
Bitcoin hit a 16-month low of around $25,400 on Thursday.
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