Cowen (COWN), an investment bank, has launched a digital asset unit.
The bank intends to offer crypto derivatives, lending, DeFi, and NFTs in the future.
TAKEAWAYS IMPORTANT
Cowen Digital is a new digital asset subsidiary founded by
Cowen.
The unit will provide institutional clients with trading and
custody services in established crypto currencies.
Cowen intends to expand into crypto derivatives, lending,
DeFi, and NFTs in the future.
Cowen claims that the company's tiny size allows it to
respond rapidly to changing crypto rules.
Cowen Digital, the bank's new unit, will allow institutional
investors to trade established crypto currencies such as Bitcoin, Ethereum, and
Solana. Through Standard Custody & Trust Co., it will also provide a
custody solution for digital assets.
"Through Cowen Digital, our customers now have access
to the crypto and digital asset markets with our institutional grade and fully
integrated end-to-end execution and custody capabilities," said Jeffrey
Solomon, the firm's chair and CEO. "By staying at the forefront of
innovation, Cowen is committed to excelling for its clients," he
continued.
According to the statement, the bank spent 15 months
creating the required systems and infrastructure to start the business.
Cowen Digital, the bank's new unit, will allow institutional
investors to trade established cryptocurrencies such as Bitcoin, Ethereum, and
Solana. Through Standard Custody & Trust Co., it will also provide a
custody solution for digital assets.
"Through Cowen Digital, our
customers now have access to the crypto and digital asset markets with our
institutional grade and fully integrated end-to-end execution and custody
capabilities," said Jeffrey Solomon, the firm's chair and CEO. "By
staying at the forefront of innovation, Cowen is committed to excelling for its
clients," he continued. 1
According to the statement, the bank spent 15 months
creating the required systems and infrastructure to start the business.
Total assets in DeFi platforms have increased from roughly $600 million in 2020 to over $200 billion in March 2022.
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