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US investment bank Cowen launches dedicated crypto division

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Cowen, a prominent independent investment bank based in the United States, has announced the development of a cryptocurrency and digital asset branch.

Cowen Digital is a new division of Cowen that will provide full-service trade execution and custody for cryptocurrencies. Such as Bitcoin (BTC) and other digital assets for institutional investors, according to the firm.

In fact, the bank has partnered with Standard Custody and Trust Company, a cold storage subsidiary of PolySign. In order to develop the new crypto section. Furthermore, Digital Prime Technologies, a brokerage solution-focused corporation that provides business and compliance services, is also a client of the bank, according to the release.

On the other hand, Cowen first revealed its plans to enter the crypto custody sector in May 2021. Partnering with Standard Custody and Trust Company. Standard’s parent business PolySign, which was co-founded by Ripple chief technical officer David Schwartz, received a $25 million investment from Ripple.

Staying at the cutting edge of innovation

Cowen has been working on the infrastructure and systems required to launch Cowen Digital for the past 15 months, according to the statement.

The Bank is a significant investment bank in the United States. With assets worth around $16 billion as of late 2021. Cowen CEO Jeffrey M. Solomon stated that the firm is dedicated to surpassing its clients by “staying at the cutting edge of innovation”. He added:

“Through Cowen Digital, our clients now have access to the crypto and digital asset markets. Which backed by our institutional-grade, end-to-end execution and custody capabilities.”

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Cowen Digital will also offer options and futures. As well as financing and institutional tools for managing decentralised finance. In addition to nonfungible tokens in the future, according to the statement.

The announcement comes only days after Goldman Sachs, in collaboration with digital asset investment firm Galaxy Digital, completed the world’s first over-the-counter crypto options exchange. In February, JPMorgan Chase debuted a virtual lounge in Decentraland.

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