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.

See also: UK Asset Manager Baillie Gifford Invests $100M in Blockchain.com

Disclosure
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.