Cryptocurrency

US investment bank Cowen launches dedicated crypto division

Cowen, a significant American unbiased investment bank, has formally launched a dedicated cryptocurrency and digital asset division.

Known as Cowen Digital, Cowen’s new enterprise is designed to supply full-service commerce execution and custody for cryptocurrencies like Bitcoin (BTC) and different digital belongings for institutional traders, the agency introduced on Wednesday.

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With a view to launch the brand new crypto division, Cowen has collaborated with PolySign’s chilly storage-focused subsidiary, Normal Custody and Belief Firm. The bank can be a shopper of Digital Prime Applied sciences, a brokerage solution-focused agency offering enterprise and compliance providers, the announcement notes.

Cowen initially introduced plans to maneuver into the crypto custody enterprise in Could 2021, coming into a partnership with Normal Custody and Belief Firm on the time. The corporate additionally invested $25 million in Normal’s guardian firm PolySign, which was co-founded by Ripple chief expertise officer David Schwartz.

In response to the announcement, Cowen has been engaged on constructing the infrastructure and techniques essential to launch Cowen Digital over the previous 15 months.

Managing about $16 billion in belongings as of late 2021, Cowen is a significant investment bank in america. The corporate is dedicated to outperforming its purchasers by “staying on the forefront of innovation,” Cowen CEO Jeffrey M. Solomon stated, including:

“By means of Cowen Digital, our purchasers now have entry to the crypto and digital asset markets with our institutional high quality and totally built-in end-to-end execution and custody capabilities.”

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Future functionalities for Cowen Digital may even embrace derivatives and futures, financing options in addition to institutional instruments for managing decentrlized finance and nonfungible tokens, the announcement notes.

The information comes shortly after the American investment bank Goldman Sachs executed its first-ever over-the-counter crypto choices commerce in partnership with digital asset investment agency Galaxy Digital. Beforehand, JPMorgan Chase launched a digital lounge within the Decentraland metaverse in February.

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