Century-Old Expense Bank Cowen Will Offer Crypto Custody Solutions

American investment decision financial institution Cowen Inc. is organizing to offer crypto custody solutions for hedge cash and asset professionals. 

In a statement published on Thursday, the 103-year-old agency says that it has partnered with money technologies firm PolySign to offer crypto services for institutional purchasers.

The partnership will permit the financial institution to use the methods supplied by institutional-grade custody and settlement platform for electronic belongings Normal Custody & Trust Co., a subsidiary of PolySign. 

Cowen says it is also investing $25 million in PolySign, which will form element of the $53 million fund-boosting round to assistance the enhancement of institutional blockchain applications.  

The lender is venturing into digital asset custody providers as the whole sector benefit of cryptocurrencies exceeds $2 trillion. Cowen CEO Jeffrey Solomon suggests that as digital assets develop and mature as an asset class, investors are wanting for dependable custody and trading alternatives similar to individuals in common securities. 

Solomon tells Bloomberg,

“If you’re an institutional investor with a fiduciary necessity, the bar is extremely superior for you to put investments in any asset that does not have a very clear chain of custody that you can entry at a moment’s detect.

Even if you experienced a check out on the asset class, if you cannot show custody then you cannot trade it.”

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