The digital asset division of Cowen, which was established only last year, will be winding down operations.
The digital asset division of Cowen, which was established only last year, will be winding down operations. The Cowen Digital team declared in a press release that “from the beginning, in the early months of 2021, our objective has been to develop a premiere, full-service system to service every phase of digital asset investing,” implying that it would attempt to create such a service under new management, though the statement provided few specifics about how this goal might be achieved.
“We will keep trying to reach that goal, but we will have to do it somewhere else,” the team stated. The digital asset division was introduced in March 2022 as part of an overall strategy to attract institutional customers. The introduction of Cowen Digital was part of a larger drive to attract major investors.
The merger between TD and Cowen was announced in the summer and closed in March. Cowen’s PR team did not immediately reply to a message seeking comment.