Invesment Bank Cowen to Offer Spot Crypto Trading Services to Institutional Clients

Financial services provider Cowen Inc. today announced it has launched a digital asset unit dubbed “Cowen Digital” that will offer institutional clients spot crypto trading services.

Cowen to Launch Crypto Trading Services

The digital unit will be led by Drew Forman, who currently leads Cowen’s derivatives business.

According to an official statement, Cowen Digital will enable clients to trade 16 different cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH) and Solana (SOL), among others. It will also continue to offer crypto custody services via Standard Custody & Trust Co.

The new unit is also planning to offer crypto derivatives, futures trading, lending as well as enable its institutional clients access to decentralized finance (DeFi) protocols and non-fungible tokens (NFTs).

Operating since 1918, Cowen Inc. is a New York-based investment banking and financial services firm with offices worldwide. As of December 31, 2021, the company had assets under management (AUM) of $15.8 billion.

“We have a big first mover advantage in this space. Because of our culture, we’re able to work with our legal and compliance and our regulators in a way that maybe our bigger competitors aren’t, and we’re just able to get to solutions faster,” co-president Dan Charney said.

Banks Continue to Enter Crypto Space

As global interest in crypto assets continues to grow among individuals, major banks and other financial institutions are seeking ways to bring such services directly or indirectly to their clients. Cowen has now joined a growing list of major financial firms offering crypto services.

Cowen’s announcement to launch a crypto trading desk comes just a few days after American multinational investment bank Goldman Sachs Group conducted its first over-the-counter (OTC) cryptocurrency transaction in the form of a bitcoin non-deliverable option (NDO) with the crypto merchant bank, Galaxy Digital.

Last month, leading asset manager BlackRock announced plans to offer crypto trading services to clients via its investment platform, Aladdin.

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  • bitcoinBitcoin (BTC) $ 16,956.08 0.37%
  • ethereumEthereum (ETH) $ 1,282.53 0.58%
  • bnbBNB (BNB) $ 290.61 0.71%
  • xrpXRP (XRP) $ 0.390363 2.53%
  • solanaSolana (SOL) $ 13.59 0.61%
  • terra-luna-2Terra (LUNA) $ 1.66 3.34%