Cowen – a well-known autonomous investment bank from the United States – has formally introduced a devoted division for digital assets as well as cryptocurrency. The name of the respective division is Cowen Digital which is considered to be constructed for the provision of a full-fledged custody and trade execution in the case of BTC (Bitcoin) as well as the rest of the digital assets for the organizational investors, as declared by the platform on Wednesday.
To release the exclusive branch for cryptocurrency, the platform has partnered up with the cold storage-centred sub-branch of PolySign called Standard Custody and Trust Company. In addition to this, the bank is a consumer of a brokerage solution-centred venue Digital Prime Technologies (which offers compliance and business services, as noted in the declaration. Initially, Cowen declared its intention to move toward a business of crypto custody in 2021’s May and entered into collaboration with Standard Custody and Trust Company.
Apart from this, the firm made an investment of nearly $25M in PolySign, known as the parent firm of the Standard, and was co-founded on the behalf of David Schwartz (the chief technology officer at Ripple). As per the declaration, Cowen has been operating on the construction of systems as well as the infrastructure required for the launch of Cowen Digital during the previous 15 months.
By managing approximately $16B worth in assets in the previous year, Cowen has turned into a prominent investment bank across the United States. The platform is determined to provide the consumers thereof with outstanding services by incorporating exclusive and adequate innovation, as stated by Jeffrey M. Solomon (the CEO of Cowen). He added that via Cowen Digital, the customers of the venue presently can access the digital as well as crypto markets in a quality-based organizational manner.
He revealed that the venue provides completely integrated as well as end-to-end custody along with the execution capabilities. The additional operations for the forum take account of the futures and derivatives, financing solutions, and institutional instruments to be utilized to manage non-fungible tokens, as well as decentralized tokens, as further expressed by the declaration.
The news about the respective move is witnessed just following the execution of the initial over-the-counter crypto services on the behalf of Goldman Sachs (an investment bank based in the United States). Formerly, a digital lounge was launched by JPMorgan Chase during February in the metaverse Decentraland.
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