American funding financial institution TD Cowen has closed down its cryptocurrency unit, Cowen Digital, in the present day (Thursday), simply over a yr after its launch, with out offering any correct rationalization.
“As we speak would be the final day for the staff right here at Cowen Digital,” the funding financial institution acknowledged in an e-mail despatched to its employees yesterday (Wednesday), in response to Bloomberg Information. Cowen Digital had roughly eleven workers.
Cowen Digital was launched final yr in March to facilitate cryptocurrency market publicity to establishments. The platform provided 16 crypto property at launch, together with Bitcoin , Ethereum , and different well-liked names.
Moreover, the funding financial institution strengthened its cryptocurrency division by filling new positions as lately as final December. It even deliberate to broaden its choices with the addition of companies round crypto futures, derivatives, and decentralized finance.
Transferring below 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 staff would possibly be part of one other group to proceed its work. Nonetheless, the corporate didn’t furnish any particulars.
“Our whole staff believes strongly within the want for trusted counterparties who perceive the wants of institutional buyers – 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 could have to take action in a unique dwelling,” the e-mail added.
TD Financial institution Group acquired Cowen Financial institution final August for $1.three billion. The deal was accomplished this yr 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 business was dealing with stress from the market hunch and some important collapses final yr. Moreover, the Digital Forex Group (DCG) shuttered its institutional crypto trading platform, TradeBlock, mentioning issues concerning the broader financial system and regulatory uncertainties in the USA.
American funding financial institution TD Cowen has closed down its cryptocurrency unit, Cowen Digital, in the present day (Thursday), simply over a yr after its launch, with out offering any correct rationalization.
“As we speak would be the final day for the staff right here at Cowen Digital,” the funding financial institution acknowledged in an e-mail despatched to its employees yesterday (Wednesday), in response to Bloomberg Information. Cowen Digital had roughly eleven workers.
Cowen Digital was launched final yr in March to facilitate cryptocurrency market publicity to establishments. The platform provided 16 crypto property at launch, together with Bitcoin , Ethereum , and different well-liked names.
Moreover, the funding financial institution strengthened its cryptocurrency division by filling new positions as lately as final December. It even deliberate to broaden its choices with the addition of companies round crypto futures, derivatives, and decentralized finance.
Transferring below 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 staff would possibly be part of one other group to proceed its work. Nonetheless, the corporate didn’t furnish any particulars.
“Our whole staff believes strongly within the want for trusted counterparties who perceive the wants of institutional buyers – 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 could have to take action in a unique dwelling,” the e-mail added.
TD Financial institution Group acquired Cowen Financial institution final August for $1.three billion. The deal was accomplished this yr 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 business was dealing with stress from the market hunch and some important collapses final yr. Moreover, the Digital Forex Group (DCG) shuttered its institutional crypto trading platform, TradeBlock, mentioning issues concerning the broader financial system and regulatory uncertainties in the USA.
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