Japan's Nomura Launches Its First Bitcoin Derives Amid Crypto Crash

Japanese financial services company Nomura Holdings Inc NMR has started offering Bitcoin derivatives to its institutional clients due to high demand.

What Happened: Nomura's head of markets, Asia ex-Japan, Rig Karkhanis in a statement said the Japanese investment bank carried out the first trade earlier this week on CME Group Inc.’s CME platform, according to Reuters.

"Working with institutional-grade counterparties will allow us to scale into the increasing demand from our clients," he said.

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The decision comes at a time when the cryptocurrencies such as Bitcoin BTC/USD, Ethereum ETH/USD and Terra LUNA/USD are under immense selling pressure.

Price Action: According to data from Benzinga Pro, Bitcoin traded at $30,688.34, up 13.6% in the last 24 hours at the time of writing.