Nomura Says Its Crypto Unit Won't Be Profitable By 2024
Nomura started its crypto unit last year in September 2022 with the goal of turning it profitable by 2024. Laser Digital Chief Executive Officer Jez Mohideen said that the crypto unit faces the heat of the sector’s turmoil. In an interview with Bloomberg, Mohideen said: advertisement “Our profitability journey may take a bit longer than we forecast a year ago. Volumes have come down, activity has shrunk, regulators’ needs are changing – all these are leading to some delays in our overall journey including profitability.” Soon after the launch of Nomura’s Laser Digital crypto unit, the crypto market suffered the collapse of FTX leading to a major market correction. The crash eroded more than $2 trillion from the cryptocurrency market leading to a major liquidity crunch and regulatory crackdowns worldwide. Nomura Bets on BlackRock Entry Mohideen is optimistic that the growing interest from well-established financial giants such...