TD Cowen, an American investment bank, has closed the operations of its Cowen Digital, a crypto unit, as stated by Cointelegraph.
According to Cointelegraph, the crypto division was unveiled in March, 2022, to supply crypto asset-based services. It’s believed that the firm spoke on making the addition of other services such as futures, derivatives and decentralised finance (DeFi). “Today will be the last day for the team here at Cowen Digital,” the email read. However, reasons behind the closure weren’t unveiled.
Based on Cointelegraph’s information, Cowen Digital intends to execute its work under a separate platform. “Our entire team believes strongly in the need for trusted counterparties who understand the needs of institutional investors — through white-glove high and low touch execution, deep knowledge-driven content, corporate access and group educational events. We will continue to try and fulfil that endeavour, but will have to do so in a different home,” the email mentioned.
Moreover, Cointelegraph noted that Cowen Digital’s shutdown marks the second crypto client division to shut down within a span of seven days.
(With insights from Cointelegraph)
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