Massive Shift in the Crypto World: TD Cowen Shuts Down Digital Asset Division Post Acquisition
TD Cowen, formerly Cowen Inc., has announced the closure of its digital asset unit following its acquisition by TD Bank Group, according to a Bloomberg report.
TD Cowen (previously known as Cowen Inc.), an investment banking institution, declared the shutdown of its digital asset division on May 31, as per a report by Bloomberg.
The range of services offered by Cowen includes investment banking, analysis, sales, and trading. In 2022, it initiated its digital asset division as a daring venture, incorporating 16 digital currencies, including Bitcoin, Ethereum, and Solana, in its client offerings.
This shutdown comes after the takeover of Cowen Inc. by TD Bank Group, one of the largest banking conglomerates in North America, in March 2023.
In an email reviewed by Bloomberg, the Cowen Digital team said:
"Our entire crew remains steadfast in the necessity for reliable entities who comprehend the requirements of institutional investors – through meticulous high and low touch execution, in-depth knowledge-infused content, corporate access and group learning events. We are committed to realizing this objective, but will need to do so from a different location."
Reportedly, Cowen’s digital assets division consisted of at least 10 members of staff and one intern, as disclosed in the email.
