US funding financial institution Cowen introduced on Wednesday that it has launched a digital belongings division, referred to as Cowen Digital, that can present full-service commerce execution and custody options to institutional shoppers.
The digital asset division will supply cryptocurrency buying and selling and custody options for institutional traders by way of Cowen’s partnership with PolySign’s Standard Custody and Trust Company. Cowen Digital may even supply financing options, derivatives and futures, and institutional DeFi and NFT entry.
The agency has been increase its digital infrastructure for the last few months forward of the launch. In May final 12 months, Cowen partnered with Standard Custody & Trust, a unit of digital asset infrastructure agency PolySign, to supply its prospects with simpler entry to cryptocurrency.
In an announcement, Dan Charney, co-president of the financial institution, stated that Cowen Digital has been buying and selling cryptocurrency on behalf of its prospects for a number of months. The division is at the moment buying and selling 16 cryptocurrencies together with Bitcoin, Ether, Solana, USD coin (USDC), Chainlink, Uniswap, Polygon, and Decentraland, and has a consumer checklist within the tons of.
Drew Forman, the Managing Director at Cowen, will lead the brand new digital unit. “Cowen Digital’s team has had calls with hundreds of potential clients including crypto-native firms, asset allocators, and multi-strategy hedge funds looking to participate in the space. Cowan has quite a large custody and clearing business, so that means they have hundreds if not thousands of institutional clients that trade through them. It’s a captive audience and it’s very early. Zero banks offer this,” Forman elaborated.
Delivering Value to Customers
Founded in 1918, Cowen Inc. is a US multinational funding financial institution headquartered in New York and with places of work worldwide.
In January 2020, Cowen began buying and selling as a member agency of the London Stock Exchange. The transfer demonstrated Cowen’s sturdy dedication to serving its prospects and providing entry to capital markets within the UK and Europe.
Cowen, a diversified monetary providers agency with over 100 years of historical past, has strategically constructed and grown a complete, cross-border monetary providers platform to incorporate prime brokerage, credit score, equities, analysis, and sector-focused funding banking throughout Europe and the U.S during the last decade.
Recently, Cowen added seven new senior hires to its worldwide gross sales and buying and selling group as a part of its efforts to ship value-added capabilities to its shoppers so as to assist them outperform.
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