Cowen Launches Specialised Crypto Division to Take Lead on Increasing Crypto Interest

Cowen, an unbiased funding financial institution within the US, has formally created a cryptocurrency and digital asset part because it seeks to lead US-based banks within the rising phase. Named Cowen Digital, the unit will provide cryptocurrency buying and selling for institutional buyers, in addition to custody options by way of Cowen’s partnership with Customary Custody and Belief Firm, a chilly storage-focussed subsidiary of PolySign. Cowen said in an announcement that though the brand new division has simply been introduced the financial institution has been buying and selling crypto on behalf of shoppers for a number of months.

The brand new arm of Cowen will give institutional shoppers “secure and compliant access to the digital asset ecosystem,” the financial institution mentioned. Sooner or later, that is anticipated to embody derivatives and futures, financing options, in addition to entry to non-fungible tokens (NFTs) and the broader decentralised finance (DeFi) house.

“Through Cowen Digital, our clients now have access to the crypto and digital asset markets with our institutional quality and fully integrated end-to-end execution and custody capabilities,” Cowen CEO Jeffrey M. Solomon mentioned in a statement.

Cowen reported having $15.8 billion (roughly Rs. 1,20,380 crore) in property underneath administration, as of December 31. Drew Forman, who has labored as a managing director and head of fairness derivatives for the corporate, will lead Cowen Digital.

Cowen’s transfer comes as Wall Road more and more appears to be like to capitalise on the rapidly-evolving house of digital property like Bitcoin and Ether, which have surged in reputation and worth in recent times, helped alongside by retail investor curiosity.

“We have a big first-mover advantage in this space,” Cowen co-president Dan Charney told Bloomberg. “Because of our culture, we’re able to work with our legal and compliance and our regulators in a way that maybe our bigger competitors aren’t, and we’re just able to get to solutions faster.”

Earlier this week, Goldman Sachs executed the primary over-the-counter crypto transaction by a significant US financial institution, working with crypto monetary companies supplier Galaxy Digital to commerce a Bitcoin possibility.

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