Partnership Overview
Nomura's digital asset subsidiary Laser Digital has partnered with Keyring Network to serve as risk governor for institutional lending markets. The first market will launch on Euler Finance. Neither party disclosed committed capital, fee terms, or launch dates.
Role and Framework
Under the partnership, Keyring will provide infrastructure and tools including access verification, quantitative risk parameter setting, and liquidation framework design. Laser Digital's asset management division will contribute governance standards, portfolio structure, and market practices.
Addressing Institutional Hurdles
The firms identified four key barriers to institutional participation in DeFi lending: permissions, vulnerability risks, governance, and settlement. The solution combines zero-knowledge permissions, quantitative risk modeling, cyber insurance, and Keyring's settlement technology.
Market Data
According to DefiLlama, Euler holds $368.8 million in total value locked across 17 chains, with $555.4 million in outstanding loans.
Background
Laser Digital previously supported ZIGChain's emerging market private credit in August. Keyring introduced a zero-knowledge identity layer for DeFi vaults on Avalanche in August 2025. Nomura established Laser Digital in 2022, with operational headquarters in Dubai and Switzerland.