- The crypto winter has claimed another victim as American independent investment bank TD Cowen has announced that it is shutting down its cryptocurrency unit – Cowen Digital.
According to a report from Bloomberg, the bank sent a letter to clients on Wednesday announcing the closure, saying “Today will be the last day for the team here at Cowen Digital.” The note listed at least 10 employees as part of the group’s team. Cowen Digital did not specify the exact reason why it decided to close up shop, but it’s been a rough go for firms across the cryptocurrency industry over the past year and a half as the onset of bear market conditions in early 2022 – which were exacerbated by the collapses of Terra/Luna and FTX – have left digital asset prices at a fraction of where they were during the bull market of 2021.
When it first launched, Cowen Digital teased that it would soon roll out additional services, including futures, derivatives and decentralized finance products, but those plans never materialized. The firm was hiring executives for its European operations as recently as December, so its closure took many by surprise.
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