Cowen, a serious American impartial funding financial institution, has formally launched a devoted cryptocurrency and digital asset division.
Called 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.
In order to launch the brand new crypto division, Cowen has collaborated with PolySign’s chilly storage-focused subsidiary, Standard Custody and Trust Company. The financial institution can be a consumer of Digital Prime Technologies, 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 May 2021, getting into a partnership with Standard Custody and Trust Company on the time. The firm additionally invested $25 million in Standard’s mum or dad firm PolySign, which is co-founded by Ripple chief know-how officer David Schwartz.
According to the announcement, Cowen has been engaged on constructing the infrastructure and programs essential to launch Cowen Digital over the previous 15 months.
Managing about $16 billion in belongings as of late 2021, Cowen is a serious funding financial institution within the United States. The firm is dedicated to outperforming its shoppers by “staying at the forefront of innovation,” Cowen CEO Jeffrey M. Solomon mentioned, including:
“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.”
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Future functionalities for Cowen Digital can even embody 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 funding financial institution Goldman Sachs executed its first-ever over-the-counter crypto choices commerce in partnership with digital asset funding agency Galaxy Digital. Previously, JPMorgan Chase launched a digital lounge within the Decentraland metaverse in February.