Nomura and NRI set up BOOSTRY – new entity to use blockchain tech
Nomura Holdings will have a 66% stake in the new entity, whereas NRI will have a 34% stake.
In line with earlier reports, Nomura Holdings Inc (TYO:8604) and Nomura Research Institute Ltd (TYO:4307) today announced that they have established a new joint venture called BOOSTRY Co., Ltd. The new company will make use of blockchain technology to develop a platform for exchanging securities and other rights. BOOSTRY aims to build a new platform to support corporate clients with the issuance and distribution of securities and other rights.
Through its new platform, the new company will seek to provide innovative financial services to meet the evolving needs of its clients.
Nomura Holdings will have a 66% stake in the new entity, whereas NRI will have a 34% stake. The capital of the newly established business will be 1,175 million yen (including capital reserves).
Regarding the rationale for the establishment of BOOSTRY, the companies have explained that, over the past several years, various industries have been exploring the use of blockchain technology to offer services. In the financial services sector, the focus has been on how this technology can be used in areas such as settlement services and securities transactions.
Although blockchain technology is still in the development stages, progress has been made in Japan and overseas in applying this technology to social matters including existing legal systems, as well as in implementing initiatives to deliver tangible new value to blockchain users.
Nomura and NRI have been collaborating on the development of services harnessing the latest technologies. In 2015, the two companies tested the use of blockchain technology in managing equities related information, and technical experts from NRI are dispatched to Nomura’s innovation subsidiary N-Village to conduct joint research into various technologies as well as create new businesses and services.
