Cowen to provide crypto custody services to institutional clients
Investment bank Cowen will provide cryptocurrency custody services to hedge funds and asset managers. This wil make it one of the first Wall Street banks to offer such a service to its clients.
Cowen to hold cryptos for its institutional clients
The cryptocurrency market has welcomed several institutional investors over the past few months. However, most of the services they need are offered by a few companies because the crypto space is little more than a decade old.Cowen, the century-old investment bank, has now entered the cryptocurrency space and will provide services to institutional investors. The bank announced earlier today it would offer crypto custody services to hedge funds and asset managers. This move makes it one of the first Wall Street banks to hold cryptocurrencies for its institutional clients.
Jeffrey Solomon, Cowen’s chief executive officer, revealed this to Bloomberg in an interview. He said, “The demand is clearly here. We’re going to be able to help a lot of our institutional clients get over the hump and start trading digital assets in the not-too-distant future.”
Cowen will provide institutional-grade custody services for cryptos. In addition, it will offer a wide range of other digital assets via its partnership with Standard Custody & Trust Co. As part of the deal, the investment bank will also invest $25 million in PolySign Inc., Standard’s parent company.
Scarcity of custodians prompted the move
Solomon pointed out that Cowen decided to provide this service due to the scarcity of custodians in the crypto space. “If you’re an institutional investor with a fiduciary requirement, the bar is extremely high for you to put investments in any asset that does not have a clear chain of custody that you can access at a moment’s notice. Even if you had a view on the asset class, if you can’t demonstrate custody, then you can’t trade it,” he said.Indeed, PolySign creates products that would enable financial institutions to work more with cryptocurrencies and other digital assets. Cowen is the latest big name in the US financial sector to enter the cryptocurrency space. In recent months, Goldman Sachs and Morgan Stanley have also become actively involved in the crypto market. In addition to the above, other leading investment banks, including JPMorgan Chase and Citigroup, are working on rolling out cryptocurrency services for their clients.
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