Three Japanese securities giants with a combined market cap of around $48 billion say they are considering launching crypto exchange businesses, with the largest of the trio aiming to provide crypto-trading services by the end of 2026.

Nomura Holdings, Japan’s biggest securities provider, which manages around $673 billion in clients’ assets, says it will launch its operations via its Swiss crypto subsidiary Laser Digital, Japanese newspaper Nihon Keizai Shimbun reported.

The other two firms named were Daiwa Securities Group and SMBC Nikko Securities, which Nihon Keizai Shimbun said are strongly considering entry into the crypto exchange market.

The firms say they’re acting in anticipation of crypto investment demand…