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TD Cowen Closes Crypto Unit Just One Year After Launch

Press Releases Crypto News Bitcoinist TD Cowen Closes Crypto Unit Just One Year After Launch

A Bloomberg report revealed that the American investment bank, TD Cowen, has shut down its crypto asset unit. According to the report, Cowen Digital will pack up by June 1, which will be the last day for its team. There’s no explanation for the action, which is coming just a year after the bank launched it.

We Won’t Give Up Digital Assets Even With The Closure; Cowen Digital

Even though Cowen Digital has shut its doors, the team reiterated its commitment to crypto services and not giving up on digital assets. However, they could shift to a different organization.

In an email reported by Bloomberg, the team wrote:

“Our entire team believes strongly in 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 trying to fulfill that endeavor, but will have to do so in a different home.”

In March 2022, the investment bank launched Cowen Digital as it spread its services across virtual assets.

The platform aimed to ensure institutional customers can seamlessly access the crypto market and engage with over 16 crypto tokens like Bitcoin, Ethereum, etc. The bank also mentioned its expansion plans during the period by including crypto futures, derivatives, and decentralized finance (DeFi).

Cowen Bank was acquired by TD Bank Group in August 2022 for $1.3 billion in a deal completed in March this year. In December, the firm recruited some executives to handle its European operations and gathered a 10-member team.

However, it’s still uncertain if the acqu

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Author: Eli Dambel

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