American funding financial institution TD Cowen has closed down its cryptocurrency unit, Cowen Digital, at this time (Thursday), simply over a 12 months after its launch, with out offering any correct clarification.
“At present would be the final day for the group right here at Cowen Digital,” the funding financial institution said in an e mail despatched to its employees yesterday (Wednesday), in response to Bloomberg Information. Cowen Digital had roughly eleven staff.
Cowen Digital was launched final 12 months in March to facilitate cryptocurrency market publicity to establishments. The platform provided 16 crypto belongings at launch, together with Bitcoin , Ethereum , and different common names.
Moreover, the funding financial institution strengthened its cryptocurrency division by filling new positions as not too long ago as final December. It even deliberate to develop its choices with the addition of companies round crypto futures, derivatives, and decentralized finance.
Shifting underneath a Totally different Group?
Although the leaked e mail didn’t present any stable cause behind the shuttering of the crypto division, it hinted that the Cowen Digital group may be a part of one other group to proceed its work. Nevertheless, the corporate didn’t furnish any particulars.
“Our whole group believes strongly within the want for trusted counterparties who perceive the wants of institutional traders – by way of white-glove excessive and low contact execution, deep knowledge-driven content material, company entry, and group instructional occasions. We’ll proceed to attempt to fulfill that endeavor, however may have to take action in a distinct residence,” the e-mail added.
TD Financial institution Group acquired Cowen Financial institution final August for $1.3 billion. The deal was accomplished this 12 months in March. It’s unclear if it was the brand new proprietor’s resolution in opposition to persevering with the cryptocurrency enterprise.
The shuttering of the crypto division got here when the trade was dealing with stress from the market droop and some vital collapses final 12 months. Moreover, the Digital Foreign money Group (DCG) shuttered its institutional crypto buying and selling platform, TradeBlock, mentioning issues concerning the broader financial system and regulatory uncertainties in america.
Revolut hits 30M customers; crypto buying and selling on TP ICAP; learn at this time’s information nuggets.
American funding financial institution TD Cowen has closed down its cryptocurrency unit, Cowen Digital, at this time (Thursday), simply over a 12 months after its launch, with out offering any correct clarification.
“At present would be the final day for the group right here at Cowen Digital,” the funding financial institution said in an e mail despatched to its employees yesterday (Wednesday), in response to Bloomberg Information. Cowen Digital had roughly eleven staff.
Cowen Digital was launched final 12 months in March to facilitate cryptocurrency market publicity to establishments. The platform provided 16 crypto belongings at launch, together with Bitcoin , Ethereum , and different common names.
Moreover, the funding financial institution strengthened its cryptocurrency division by filling new positions as not too long ago as final December. It even deliberate to develop its choices with the addition of companies round crypto futures, derivatives, and decentralized finance.
Shifting underneath a Totally different Group?
Although the leaked e mail didn’t present any stable cause behind the shuttering of the crypto division, it hinted that the Cowen Digital group may be a part of one other group to proceed its work. Nevertheless, the corporate didn’t furnish any particulars.
“Our whole group believes strongly within the want for trusted counterparties who perceive the wants of institutional traders – by way of white-glove excessive and low contact execution, deep knowledge-driven content material, company entry, and group instructional occasions. We’ll proceed to attempt to fulfill that endeavor, however may have to take action in a distinct residence,” the e-mail added.
TD Financial institution Group acquired Cowen Financial institution final August for $1.3 billion. The deal was accomplished this 12 months in March. It’s unclear if it was the brand new proprietor’s resolution in opposition to persevering with the cryptocurrency enterprise.
The shuttering of the crypto division got here when the trade was dealing with stress from the market droop and some vital collapses final 12 months. Moreover, the Digital Foreign money Group (DCG) shuttered its institutional crypto buying and selling platform, TradeBlock, mentioning issues concerning the broader financial system and regulatory uncertainties in america.
Revolut hits 30M customers; crypto buying and selling on TP ICAP; learn at this time’s information nuggets.