The London Metal Exchange’s chief executive Matthew Chamberlain, who announced on Friday his decision to step down from that role, is joining a digital asset custodian backed by Nomura as chief executive.

Chamberlain will join Komainu as chief executive after he leaves the LME at the end of April.

Komainu confirmed the appointment just hours after the LME said on Friday morning Chamberlain was leaving his post as chief executive after five years running the Hong Kong Exchanges and Clearing-owned LME.

Chamberlain said: “I have always been passionate about building safe and efficient solutions to ensure global markets function as effectively as possible. I am therefore hugely honoured to have the opportunity to join the Komainu team. With its regulated institutional custody platform for cryptocurrencies and broader digital assets, Komainu’s hybrid servicing model combines the best of traditional and decentralised finance, and truly represents the natural evolution of our industry.”

Founded in 2018 and backed by Nomura, Komainu is a regulated institutional-grade digital asset custody services provider with over $5bn (£3.7bn) in assets.

Chamberlain’s appointment comes after Komainu secured last year $25m of Series A funding, and achieved key ISO and ISAE operational certifications.

Komainu said on Friday Chamberlain will be responsible for the continued growth of the firm as it further develops its platform to offer a range of services to institutions looking to expand and establish their digital asset footprint.

Chamberlain continued: “I believe strongly in the transformative capacity of a blockchain-empowered world – but such technologies will only deliver their true potential when robust infrastructure exists to make them easily and reliably available to all those who wish to participate in this unprecedented period of financial democratisation.”