Cowen Incorporated has opened its new business unit. This Wall Street investment bank’s new division will offer its institutional customers spot Bitcoin trading.
We think more financial institutions are engaging with cryptocurrencies today, offering products and services involving these virtual assets like Bitcoin. We want to help our readers learn more about this trend.
We believe this report about Wall Street investment bank Cowen will keep them properly informed with today’s significant cryptocurrency-related developments in the finance scene.
Based on the report posted online by cryptocurrency-focused digital publication Bitcoin Magazine, Cowen has debuted its new virtual asset division. This business unit will offer spot Bitcoin and cryptocurrency trading to institutional investors.
Additionally, the new division of Cowen will reportedly target the boutique investment bank’s mutual fund, hedge fund, and family office customers primarily. Institutional-grade platform Standard Custody and Trust Company’s custody will hold the assets purchased by institutions, acting as Cowen’s virtual currency custodian.
Cowen also intends to offer derivatives and futures trading of cryptocurrency, lending, and institutional access to non-fungible tokens and decentralized finance platforms. This Wall Street investment banking firm launched its new business unit with 40 employees from the bank, and it reportedly plans to more than double its staff soon.
Dan Charney is the Co-President and Managing Director of Cowen. He remarked that the new business division of his investment bank would be a meaningful unit.
Charney affirmed that Cowen possesses a big first-mover advantage in the virtual currency space. The New York-based bank executive also relayed that, because of their culture, they at Cowen can work with their compliance and legal teams, as well as their regulators in a manner that is perhaps their larger rivals cannot.
Charney cited that they are merely able to get to solutions quicker. Cowen has leveraged its tiny footprint to front-run its larger competitors with its new business unit.
It has fast-tracked its way into offering spot instead of futures trading of cryptocurrency and Bitcoin. Cowen’s new spot Bitcoin trading offering comes as the finance center seeks to embrace the burgeoning virtual asset class’s spot markets.
We want to congratulate Cowen Incorporated on its new business unit and offering of spot Bitcoin trading to its institutional clients. We think these developments are key milestones in this Wall Street investment bank’s and the overall cryptocurrency market’s history.
We also think this latest development merely demonstrates that cryptocurrencies are getting more well-received in the finance sector. We do hope that more companies like Cowen Incorporated will consider offering virtual currency-related services and products.
After all, we believe that the world is moving towards digitalized finance, with products and services increasingly involving crypto-assets. We think any firm that tries to swim against this current will not survive in its operations.