Crypto
TD Cowen Shuts Institutional Cryptocurrency Division
American investment bank TD Cowen has closed down its cryptocurrency unit, Cowen Digital, today (Thursday), just over a year after its launch, without providing any proper explanation.
“Today will be the last day for the team here at Cowen Digital,” the investment bank stated in an email sent to its staff yesterday (Wednesday), according to Bloomberg News. Cowen Digital had roughly eleven employees.
Cowen Digital was launched last year in March to facilitate cryptocurrency market exposure to institutions. The platform offered 16 crypto assets at launch, including Bitcoin
Bitcoin
While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term, Ethereum
Ethereum
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language,
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language,
Read this Term, and other popular names.
Additionally, the investment bank strengthened its cryptocurrency division by filling new positions as recently as last December. It even planned to expand its offerings with the addition of services around crypto futures, derivatives, and decentralized finance.
Moving under a Different Organization?
Though the leaked email did not provide any solid reason behind the shuttering of the crypto division, it hinted that the Cowen Digital team might join another organization to continue its work. However, the company did not furnish any details.
“Our entire team believes strongly in the need for trusted counterparties who understand the needs of institutional investors – through white-glove high and low touch execution, deep knowledge-driven content, corporate access, and group educational events. We will continue to try and fulfill that endeavor, but will have to do so in a different home,” the email added.
TD Bank Group acquired Cowen Bank last August for $1.3 billion. The deal was completed this year in March. It is unclear if it was the new owner’s decision against continuing the cryptocurrency business.
The shuttering of the crypto division came when the industry was facing stress from the market slump and a few significant collapses last year. Additionally, the Digital Currency Group (DCG) shuttered its institutional crypto trading platform, TradeBlock, mentioning concerns about the broader economy and regulatory uncertainties in the United States.
American investment bank TD Cowen has closed down its cryptocurrency unit, Cowen Digital, today (Thursday), just over a year after its launch, without providing any proper explanation.
“Today will be the last day for the team here at Cowen Digital,” the investment bank stated in an email sent to its staff yesterday (Wednesday), according to Bloomberg News. Cowen Digital had roughly eleven employees.
Cowen Digital was launched last year in March to facilitate cryptocurrency market exposure to institutions. The platform offered 16 crypto assets at launch, including Bitcoin
Bitcoin
While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term, Ethereum
Ethereum
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language,
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language,
Read this Term, and other popular names.
Additionally, the investment bank strengthened its cryptocurrency division by filling new positions as recently as last December. It even planned to expand its offerings with the addition of services around crypto futures, derivatives, and decentralized finance.
Moving under a Different Organization?
Though the leaked email did not provide any solid reason behind the shuttering of the crypto division, it hinted that the Cowen Digital team might join another organization to continue its work. However, the company did not furnish any details.
“Our entire team believes strongly in the need for trusted counterparties who understand the needs of institutional investors – through white-glove high and low touch execution, deep knowledge-driven content, corporate access, and group educational events. We will continue to try and fulfill that endeavor, but will have to do so in a different home,” the email added.
TD Bank Group acquired Cowen Bank last August for $1.3 billion. The deal was completed this year in March. It is unclear if it was the new owner’s decision against continuing the cryptocurrency business.
The shuttering of the crypto division came when the industry was facing stress from the market slump and a few significant collapses last year. Additionally, the Digital Currency Group (DCG) shuttered its institutional crypto trading platform, TradeBlock, mentioning concerns about the broader economy and regulatory uncertainties in the United States.