Just over a year after the launch of the cryptocurrency unit, American investment bank TD Cowen announced the closure of Cowen Digital, though without giving a clear reason.
The multinational bank launched Cowen Digital in March 2022 to provide institutional clients with access to the crypto market through 16 crypto assets including Bitcoin (BTC) and Ether. (ETH).
At the time, the company also revealed that it would be rolling out additional services around futures, derivatives, and decentralized finance. While they have also hired executives for their European operations as recently as December.
However, in a new email currently circulating online and seen by agencies like Bloomberg News, Cowen Digital and its team of about 10 employees will be shutting down as of June 1.
“Today will be the team’s last day at Cowen Digital,” the email read. They did not disclose the reason behind the closure.
Cowen Bank itself has undergone a reshuffle over the past 12 months, after being acquired by TD Bank Group for $1.3 billion in August 2022, with the deal finalized in March of this year.