Cowen, an independent investment bank in the United States, has officially created a cryptocurrency and digital asset section. The division came to life as a result of Cowen’s partnership with PolySign, Standard Custody and Trust Company.
Cowen has partnered with PolySign’s cold storage subsidiary, Standard Custody and Trust Company, to develop the new crypto business. According to the release, the bank is also a client of Digital Prime Technologies, a brokerage solution-focused corporation that provides business and compliance services.
Cowen Digital, the firm’s new division, 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’s announcement on Wednesday.
Cowen first revealed its intentions to enter the crypto custody market in May 2021, through a relationship with Standard Custody and Trust Company. Ripple also put $25 million into Standard’s parent firm, PolySign, which was co-founded by David Schwartz, Ripple’s chief technology officer.
About Cowen Digital
Cowen has spent the last 15 months establishing the infrastructure and processes needed to launch Cowen Digital, according to the statement.
Cowen is a significant investment bank in the United States, with roughly $16 billion in assets as of late 2021. Cowen CEO Jeffrey M. Solomon stated that the firm is committed to surpassing its clients by “staying at the forefront of innovation.“
“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 Digital’s future functions will include options and futures, financing solutions, institutional tools for managing decentralized finance, and nonfungible tokens, according to the company.
