Cryptocurrency analyst Benjamin is warning that Cardano (ADA) and other altcoins are primed for losses when paired against Bitcoin (BTC). Cowen tells his 738,700 Twitter followers that against Bitcoin, Cardano could bottom out at 0.00000400 BTC, or $0.11, a drop of 69.8% from current levels. “I think ADA/BTC would be lucky to bottom at 0.00000800 […]
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A widely followed crypto analyst is making the case for why a popular layer-1 smart contract platform’s rise against the top two cryptos could lead to more gains in the future. In a new strategy session, Benjamin Cowen tells his 709,000 YouTube subscribers that Avalanche (AVAX) has been moving higher in comparison to Ethereum (ETH) […]
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Popular crypto analyst Benjamin Cowen says that one overlooked catalyst could ignite a big long-term rally for Bitcoin (BTC). In a new strategy session, the analyst takes a look at the dollar index (DXY), which compares the US dollar against a basket of other major fiat currencies. Generally speaking, a weaker dollar can often imply […]
The post Under-the-Radar Catalyst Could Secretly Spark Huge Long-Term Bitcoin Rally, Says Crypto Analyst Benjamin Cowen appeared first on The Daily Hodl.
Crypto analyst Benjamin Cowen says that Bitcoin (BTC) is in a critical time as it approaches a massive resistance at all-time highs. In a new strategy session, Cowen says that after reacting strongly to its 50-week simple moving average (SMA) in July, Bitcoin has been painting a bullish structure ever since. Cowen believes that the […]
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American investment bank Cowen Inc. is planning to offer crypto custody services for hedge funds and asset managers. In a statement published on Thursday, the 103-year-old firm says that it has partnered with financial technology company PolySign to provide crypto services for institutional clients. The partnership will allow the bank to use the solutions provided […]
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The 103-year-old bank wants to hold crypto for asset managers and hedge funds as Wall Street begins offering cryptocurrency products to institutional clients.
Cowen Inc., an independent American investment bank established over a century ago, is set to become the latest mainstream financial services company to enter the crypto custody business.
According to Bloomberg, Cowen has inked a partnership with Standard Custody and Trust Company. The collaboration will also include a $25 million investment in Standard’s parent company, PolySign Inc., which has Ripple chief technology officer David Schwartz on its board of directors.
According to Cowen, there is a growing demand for crypto exposure among institutional investors, with CEO Jeffrey Solomon stating: “We’re going to be able to help a lot of our institutional clients get over the hump and start trading digital assets in the not-too-distant future.”
Custody remains a major roadblock for institutional entry into the crypto scene, as hedge funds and asset managers are required by law to have client’s assets held by recognized custodial services. Commenting on the issue, Solomon elaborated:
“If you’re an institutional investor with a fiduciary requirement, the bar is extremely high for you to put investments in any asset that does not have a clear chain of custody that you can access at a moment’s notice. Even if you had a view on the asset class, if you can’t demonstrate custody then you can’t trade it.”
In recent times, some U.S. banks have begun to wade into the crypto custody scene. Back in 2019, Fidelity — which manages $4.9 trillion in assets — debuted its cryptocurrency custody product, and as previously reported by Cointelegraph, it has even expanded its coverage to Asia.
Cowen’s $25 million investment is part of a $53 million funding round for PolySign as it moves toward creating products that enable greater institutional adoption of cryptocurrencies. PolySign’s Standard Custody subsidiary also recently secured approval from the New York State Department of Financial Services to operate as a limited-purpose trust company.
