Cowen – a high-profile US-based independent investment bank – has reportedly finalized the official introduction of a dedicated cryptocurrency and digital asset division.

Specifically, the new division – going by the name “Cowen Digital” – í reportedly built to provide full-service trade execution and custody for different crypto coins, nominally Bitcoin (BTC), and other digital assets for institutional investors. 

In the effort of introducing the new crypto division, Cowen has reportedly formed an alliance with PolySign’s cold storage-centric subsidiary, Standard Custody and Trust Company.

The bank reportedly also does business with Digital Prime Technologies, a brokerage solution-centric entity offering business and compliance services. 

Cowen previously disclosed plans to shift into the crypto custody sector in May last year, via forging an alliance with Standard Custody and Trust Company at the time. The firm further put $25 million of investment in Standard’s parent firm PolySign, which was co-founded by Ripple’s chief technology officer David Schwartz.

Per the announcement, Cowen has reportedly been investing resources in the required infrastructure and systems to help Cowen Digital go live throughout the past 15 months. 

Cowen – currently taking care of the management work for approximately $16 billion in assets as of late last year – reportedly stands among the top-tier investment banks in America. 

The firm reportedly aims to work towards a commitment of outperforming its clients by “staying at the forefront of innovation”. 

“Through Cowen Digital, our clients now have access to the crypto and digital asset markets with our institutional quality and fully integrated end-to-end execution and custody capabilities.”