• Boutique investment bank Cowen Inc. will reportedly offer its institutional clients spot bitcoin trading through a new business unit.
  • “This will be a meaningful division,” its co-president said.
  • Standard Custody & Trust Co. will act as the bank’s cryptocurrency custodian.

Wall Street investment bank Cowen Inc. has debuted a new digital asset unit to offer spot bitcoin and cryptocurrency trading to institutional investors, Bloomberg reported Wednesday.

The firm leveraged its small footprint to front-run its bigger competitors as the finance hub seeks to embrace the burgeoning asset class’ spot markets. Goldman Sachs executed its first over-the-counter (OTC) bitcoin options trade earlier this week, trying to plug into derivatives-based offerings as uncertainties and complexities around spot products hold back developments.

By Antoni