2 years ago
Cowen initially announced plans to determination into the crypto custody concern successful May 2021, entering a concern with Standard Custody and Trust Company.
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Cowen, a large American autarkic concern bank, has officially launched a dedicated cryptocurrency and integer plus division.
Called Cowen Digital, Cowen’s caller concern is designed to connection full-service commercialized execution and custody for cryptocurrencies similar Bitcoin (BTC) and different integer assets for organization investors, the steadfast announced connected Wednesday.
In bid to motorboat the caller crypto division, Cowen has collaborated with PolySign’s acold storage-focused subsidiary, Standard Custody and Trust Company. The slope is besides a lawsuit of Digital Prime Technologies, a brokerage solution-focused steadfast providing concern and compliance services, the announcement notes.
Cowen initially announced plans to determination into the crypto custody business successful May 2021, entering a concern with Standard Custody and Trust Company astatine the time. The institution besides invested $25 cardinal successful Standard’s genitor institution PolySign, which is co-founded by Ripple main exertion serviceman David Schwartz.
According to the announcement, Cowen has been moving connected gathering the infrastructure and systems indispensable to motorboat Cowen Digital implicit the past 15 months.
Managing astir $16 cardinal successful assets arsenic of precocious 2021, Cowen is simply a large concern slope successful the United States. The institution is committed to outperforming its clients by “staying astatine the forefront of innovation,” Cowen CEO Jeffrey M. Solomon said, adding:
“Through Cowen Digital, our clients present person entree to the crypto and integer plus markets with our organization prime and afloat integrated end-to-end execution and custody capabilities.”Related: Citi’s integer plus co-heads resign with plans to make crypto startup
Future functionalities for Cowen Digital volition besides see derivatives and futures, financing solutions arsenic good arsenic organization tools for managing decentrlized concern and nonfungible tokens, the announcement notes.
The quality comes soon aft the American concern slope Goldman Sachs executed its first-ever over-the-counter crypto options commercialized successful concern with integer plus concern steadfast Galaxy Digital. Previously, JPMorgan Chase launched a virtual lounge successful the Decentraland metaverse successful February.
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