US investment bank Cowen has just announced it is shutting down its cryptocurrency division Cowen Digital one year after launch, Bloomberg has reported.
According to the email sent to the company's customers and employees:
"Today will be the last day for the team here at Cowen Digital. [...] We will continue to try and fulfill that endeavor, but will have to do so in a different home."
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Recall that Cowen launched a division focused on digital assets in March last year. Trading in 16 assets was available to customers of the service, including Bitcoin, Ethereum, Solana, Aave and USD Coin.
In the future, the bank intended to add support for crypto derivatives, DeFi and NFTs.
Cowen has thus become the second financial institution to close its crypto project in 2023 following the closure of the trading platform for institutional traders TradeBlock, which is part of the holding company Digital Currency Group.