Investment bank TD Cowen shuts crypto unit a year after opening

At the time, the firm also teased that it would launch additional services revolving around futures, derivatives and decentralized finance. While it had also made executiveHowever, in a new email currently circulating online andby outlets such as Bloomberg News, Cowen Digital and its team of roughly 10 employees, will close down as of June 1.

“Today will be the last day for the team here at Cowen Digital,” the email read. It did not disclose the reasons behind the closure. The Cowen bank itself had undergone a shake-up over the last 12 months, after it was acquired by TD Bank Group for $1.3 billion in August 2022, with the deal beingCointelegraph has reached out to Cowen for comment and will update the article if the company responds.woes in 2023.Notably, the email suggested that the Cowen Digital team is looking to carry on its work under a different organization.

“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 fulfill that endeavor, but will have to do so in a different home,” the email reads.The closure of Cowen Digital marks the second institutional crypto client unit to shut down in the space of a week.

The firm cited a “prolonged crypto winter” along with a tough regulatory climate in the U.S. Cointelegraph also reported in February that DCG sufferedMagazine:

The multinational bank launched Cowen Digital in March 2022 to provide institutional clients exposure to the crypto market via 16 crypto assets, including Bitcoin and Ethereum.

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