Cowen to Offer Crypto Custody Services Through $25M Stake in PolySign

This comes as part of a PolySign's $53 million Series B funding round that Cowen led.

AccessTimeIconMay 13, 2021 at 1:18 p.m. UTC
Updated Sep 14, 2021 at 12:55 p.m. UTC

Investment bank Cowen Inc. said it will offer crypto custody services to hedge funds and asset managers.

  • The New York-based firm will provide custody services for cryptocurrencies and other digital assets in partnership with Standard Custody & Trust, a unit of digital asset infrastructure firm PolySign, according to an announcement Thursday.
  • As part of the agreement, Cowen took a $25 million stake in PolySign as part of the PolySign's $53 million Series B funding round that Cowen led.
  • Cowen was joined in the funding round by London-based crypto wallet provider and exchange Blockchain.com and others.
  • As part of Cowen's investment, Dan Charney, a Cowen co-president, and John Holmes, Cowen's chief operating officer, will join PolySign’s board
  • Standard Custody & Trust provides PolySign's custody services by virtue of the trust charter granted by the New York Department of Financial Services earlier this month.
  • PolySign's leadership team includes CEO Jack McDonald and President and founder Arthur Britto, who previously co-founded Ripple Labs, the company behind the cryptocurrency, XRP.
  • Cowen, which was founded in 1918, holds almost $12 billion in assets under management.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC