HONG KONG – Nomura has started offering over-the-counter bitcoin derivatives to clients, it said on Friday, the latest move by a traditional financial institution in the cryptocurrency industry even as markets are in turmoil.
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, Nomura’s head of markets, Asia ex-Japan Rig Karkhanis said 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 been looking to offer clients more cryptocurrency-related services, responding, they say, to demand from institutional investors and private clients for access to what had been a fast-growing sector.
However, crypto markets have tumbled this week as TerraUSD, one of the world’s largest stablecoins, sent digital tokens, which had already been dragged down by a sell-off of riskier assets, into the crash.
Bitcoin hit a 16-month low of around $25,400 on Thursday.