Cowen Bank’s digital asset division has raised $46 million from customers.
A subsidiary of U.S. investment bank Cowen, Cowen Digital Asset Investment Co LLC, which invests in cryptocurrencies, was able to raise $46 million in funds from customers who were interested in buying digital assets. Cowen Bank, which manages $12 billion in assets, believes there is a clear demand for digital assets in the investment market.
Cowen Digital Asset Investment Co LLC Legal Director Michael Benwitt, reporting to the U.S. Securities and Exchange Commission on the activities of his organization, noted that 80 investors have applied to acquire cryptocurrencies, with the minimum threshold for such investments set by the company at $10,000.
Cjwen had previously entered into a strategic partnership agreement with PolySign, reportedly to “provide Cowen Bank’s institutional clients with convenient and reliable access to cryptocurrencies to make them part of their investment portfolios.”
The way Cоwen is pivoting toward cryptocurrencies shows that, increasingly, classic financial market companies are following the path of the big players, who are increasingly including cryptocurrency-focused financial products in their service lines. This development in the global financial market was one of the reasons why bitcoin, which at the end of last week was cheapening to $ 31,000, was able to rise above the $ 40 ,000 level on May 26.