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Nomura Backs ZIGChain
Nomura’s digital-asset arm, Laser Digital, made a strategic investment in UAE-based layer-one blockchain ZIGChain and entered a partnership with ZIG Markets to build an onchain private credit pipeline.
“Laser Digital bought ZIG tokens and will structure and risk-govern a pipeline of vault products”
The Defiant reported that Laser Digital bought ZIG tokens and agreed to structure and risk-govern a pipeline of vault products with ZIG Markets, which said it has originated more than $50 million with no defaults so far.
ZIG Markets’ co-founder and chief commercial officer Abdul Rafay Gadit told The Defiant, "We’re past $50 million originated at this point. And zero defaults on that book over the last ten months," while also saying ten months is not a full cycle.
ZIGChain is targeting a minimum of $100 million in total value locked across the vault products, with a first product expected in roughly three weeks to a month, according to The Defiant.
Dubai Risk Governance
Zawya said Laser Digital will provide product structuring support, risk framework design, and governance across a pipeline of ZIG Markets vault products, while ZIGChain targets a minimum of $100 million in total value locked.
In a quote carried by Zawya, Abdul Rafay Gadit said, "What’s been lacking is institutional credibility towards onchain financial products," and credited the partnership with bringing "institutional governance, product expertise, and global best practices."
Dr. Jez Mohideen, co-founder and CEO of Laser Digital, added in Zawya’s text that "execution risk has been consistently underestimated," and said ZIG Markets brings regional depth and an origination track record.
The Defiant also described how the deal places a Nomura subsidiary in an underwriting seat for emerging-market private credit, with ZIG Markets supplying regional deal flow across the Middle East, North Africa and Pakistan and Laser Digital supplying product structuring, risk framework design and governance.
Token Price Undisclosed
Multiple outlets said the investment amount and token price were not disclosed, with Zawya stating, "The investment amount and token price are not being disclosed," and also saying the partnership is "not a new token launch, not a public or retail raise, and does not represent a change of control."
“The investment amount and token price are not being disclosed”
Bloomingbit reported that after the news, ZIGChain was trading on Bybit at $0.04194, up 3.07% from a day earlier, and said the collaboration has been smoother because both companies are based in Dubai.
In an interview excerpted by @coindesk, Abdul Rafay Gadit said, "Laser is creating with us one of the largest on-chain products the Gulf countries have ever seen," and tied the effort to the firms’ Dubai connection.
@coindesk also quoted Gadit describing a two-sided problem in the private credit market, saying, "those who need money cannot raise it from the normal banks, and those who have money don't know those opportunities exist," as the partnership aims to streamline private credit markets across the Gulf States including Sharia-compliant offerings.