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American funding financial institution TD Cowen has closed down its cryptocurrency unit, Cowen Digital, at the moment (Thursday), simply over a yr after its launch, with out offering any correct clarification.
“Right now 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), based on Bloomberg Information. Cowen Digital had roughly eleven staff.
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.
The funding financial institution additionally strengthened its cryptocurrency division with new hirings as latest as final December. It even deliberate to increase its choices with the addition of companies round crypto futures, derivatives, and decentralized finance.
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Shifting Below a Completely different Group?
Although the leaked e-mail didn’t present any strong purpose 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. Nevertheless, the corporate didn’t furnish any particulars.
“Our total staff believes strongly within the want for trusted counterparties who perceive the wants of institutional buyers – via white-glove excessive and low contact execution, deep knowledge-driven content material, company entry, and group academic occasions. We are going to proceed to try to fulfill that endeavor, however may have to take action in a unique residence,” the e-mail added.
TD Financial institution Group acquired Cowen Financial institution final August for $1.3 billion. The deal was accomplished this yr in March. It’s unclear if it was the brand new proprietor’s resolution towards persevering with the cryptocurrency enterprise.
The shuttering of the crypto division got here when the trade was dealing with stress from the market hunch and likewise a couple of important collapses final yr. The Digital Forex Group (DCG) additionally shuttered its institutional crypto buying and selling platform, TradeBlock, mentioning issues concerning the broader economic system and regulatory uncertainties in america.
American funding financial institution TD Cowen has closed down its cryptocurrency unit, Cowen Digital, at the moment (Thursday), simply over a yr after its launch, with out offering any correct clarification.
“Right now 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), based on Bloomberg Information. Cowen Digital had roughly eleven staff.
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.
The funding financial institution additionally strengthened its cryptocurrency division with new hirings as latest as final December. It even deliberate to increase its choices with the addition of companies round crypto futures, derivatives, and decentralized finance.
Maintain Studying
Shifting Below a Completely different Group?
Although the leaked e-mail didn’t present any strong purpose 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. Nevertheless, the corporate didn’t furnish any particulars.
“Our total staff believes strongly within the want for trusted counterparties who perceive the wants of institutional buyers – via white-glove excessive and low contact execution, deep knowledge-driven content material, company entry, and group academic occasions. We are going to proceed to try to fulfill that endeavor, however may have to take action in a unique residence,” the e-mail added.
TD Financial institution Group acquired Cowen Financial institution final August for $1.3 billion. The deal was accomplished this yr in March. It’s unclear if it was the brand new proprietor’s resolution towards persevering with the cryptocurrency enterprise.
The shuttering of the crypto division got here when the trade was dealing with stress from the market hunch and likewise a couple of important collapses final yr. The Digital Forex Group (DCG) additionally shuttered its institutional crypto buying and selling platform, TradeBlock, mentioning issues concerning the broader economic system and regulatory uncertainties in america.
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