Nomura CEO Foresees Potential Delay in Profitability for Crypto Arm Following Market Rout

Nomura CEO Foresees Potential Delay in Profitability for Crypto Arm Following Market Rout


Nomura’s Profitability Delayed by Cryptocurrency Turmoil

You might be interested to know that Nomura, a prominent financial company, is facing challenges in turning profitable due to the ongoing turmoil in the cryptocurrency industry. Previously, Laser Digital, a subsidiary of Nomura, had projected to accomplish profits by 2024. Nonetheless, in a recent interview with Bloomberg, CEO Jez Mohideen revealed that the company’s profitability journey is being hindered by the impact of the cryptocurrency market’s volatility and changing regulatory requirements.

“Our profitability journey may take a bit longer than we forecast last year. Volumes have come down, activity has shrunk, regulators’ needs are changing – all these are leading to some delays in our overall journey including profitability.”

Mohideen had previously expressed optimism about Laser Digital’s profit prospects, stating that the demand for safer alternatives in the cryptocurrency sector would drive growth. Nonetheless, the collapse in the market, resulting in a $2 trillion loss in cryptocurrency market value, influenced the entire sector, including Laser Digital. Regardless of these challenges, Mohideen remains confident in future of the the cryptocurrency industry, especially with the entry of more institutions and institutional projects.

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Laser Digital’s Expansion Plans and Hiring Strategy

To strengthen their position in the market and support their worldwide trading business, Laser Digital is establishing an office in Tokyo. The company intends to hire 4 to 6 individuals for this office. In addition, Laser Digital has already hired 70 staff members and intends to add up to 20 more over time. According to Mohideen, the present market conditions provide opportunities to acquire assets and hire talented individuals at lower valuations.

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Hot Take: Challenges and Optimism in the Cryptocurrency Industry

The cryptocurrency industry continues  to face challenges and uncertainties, as demonstrated by Nomura’s struggle to accomplish profitability. The market’s volatility, changing regulatory landscape, and the aftermath of the FTX exchange failure have had whole lot of impacts. Nonetheless, the entry of more institutions and the participation of financial giants like BlackRock indicate a promising future. Although while it may take longer than anticipated, the industry’s probable for growth and innovation remains strong.

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Author – Contributor at | Website

Wyatt Newson emerges as a luminary seamlessly interweaving the roles of crypto analyst, dedicated researcher, and editorial virtuoso. Within the dynamic canvas of digital currencies, Wyatt’s insights resonate like vibrant brushstrokes, capturing the attention of curious minds across diverse landscapes. His ability to untangle intricate threads of crypto intricacies harmonizes effortlessly with his editorial mastery, transmuting complexity into a compelling narrative of comprehension.

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