Laser Digital has always been seen as the future of digital assets, especially after its birth under the banner of the Japanese financial titan, Nomura. However, the subsidiary finds itself embroiled in a quagmire that could extend the path to profitability beyond the prophesied timeline of 2024. The CEO of Laser Digital, Jez Mohideen, acknowledged that the jolts and knocks rocking the hull of the crypto industry constitute a delay factor to their monetary success journey.
Mohideen describes the current turbulence in the crypto sphere with striking phrases like “volumes have come down”, “activity has shrunk”, and the ever-famous “regulators’ needs are changing”. All these dynamics, he remarks, have added to the woes of the overall operation, profitability latency being a significant concern.
In the last month of 2022, the fervent belief permeated the air that Laser Digital had the expectancy of tasting profitability within the next two years. This cosmic optimism was created by the clamor for safer havens in crypto following the disastrous failure of the FTX exchange operated by Sam Bankman-Fried. An ear-popping $2 trillion worth of crypto market cap had been butchered in the event which had far-reaching ripples that affected exchanges and crypto-centric firms alike.
Despite the ongoing tremors, there have been indications of growth within Laser Digital. Plans of expanding the workforce were on the table, and so far, they have added 70 skilled personnel to their team, with expectations to onboard 20 more with time. The company even plans to establish a presence in Tokyo to support its global trading function and aims to employ between four to six individuals in the Tokyo office.
Mohideen points out the light in the midst of the storm – the increasing institutional entry and involvement in the crypto sector. A testament to this is the recent market bull run engagement by investment mammoths like BlackRock and other financial institutions. This growing trend imbues him with conviction for a brighter future, albeit he admits, “it may take longer”. This testifies to the enigmatic nature of the crypto industry – a sector brimming with promise and potential, yet fraught with challenges and uncertainties. The eventual outcome is both captivating and nerve-racking for enthusiasts and skeptics alike.
Source: Cryptonews
