[ad_1]
Cowen is the newest Wall Avenue agency to hitch the cryptocurrency craze by launching a separate division targeted on digital belongings
Throughout a Friday appearance on CNBC’s “Closing Bell,” Jeffrey Solomon stated that there’s a important demand for digital belongings.
“We’ve been internet hosting occasions and speaking to our purchasers for nicely over a yr. We see that demand,” Solomon stated.
Final October, Solomon stated that these institutional purchasers who had been but to dip their toes into crypto would change into concerned in digital belongings “extra closely” within the following years.
For now, cryptocurrencies are nonetheless pushed by retail merchants, and institutional adoption continues to be in its infancy even if extra outstanding Wall Avenue corporations have began testing the waters with the novel asset.
In the newest interview, Solomon has famous that the overwhelming majority of buying and selling happens in a small proportion of cash, which makes them much like equities. The Cowen boss views Bitcoin as a retailer of worth.
Earlier this month, the funding financial institution launched a cryptocurrency arm referred to as Cowen Digital.
The brand new division is meant to offer Cowen’s purchasers with the flexibility to commerce cryptocurrencies with out worrying about custody points. The corporate shops belongings on behalf of its purchasers in chilly storage.
Customary Custody & Belief, a subsidiary of PolySign, has partnered with Cowen Digital to offer custody companies.
Cowen’s crypto unit has kicked off buying and selling with a complete of 16 completely different cryptocurrencies, together with Bitcoin and Solana. Other than peculiar digital belongings, Cowen Digital additionally plans to supply publicity to non-fungible tokens (NFTs), refined cryptocurrency derivates in addition to tokens from the decentralized finance sector.
In November, Solomon opined that regulation can be a great factor for cryptocurrencies since it could assist to mitigate antagonistic dangers.
[ad_2]
Source link